Magnitude estimation of the utility of nonmonetary items
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Magnitude estimation of the utility of personally and nationally consumed goods and services was undertaken by student and general public samples. For the personally consumed items, a power function with an exponent around 0.4 provided a good description of the relation between the utility of the items and their cost. Moreover, equivalent costs for uncosted personal items, such as fine weather on the following weekend, could be reliably obtained from the function. The utility of the national items, however, was virtually independent of cost.
KeywordsPower Function Magnitude Estimation Preschool Education Item Median Personal Item
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