Abstract
Let (A, P) denote the commodity bundle consisting of $A and some other commodity P. With P and Q fixed, then for any A determine that B for which S is indifferent between (A,P) and (B,Q). If utility is additive over the components, each money difference induces the same utility difference. Two choices for P and Q, all jazz records of equal monetary value, and two levels for A, 53¢ and $5.03, were studied. One S did not maintain consistent indifference points, two exhibited constant marginal utility, and two exhibited diminishing marginal utility.
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1. This work was supported in part by National Science Foundation grant NSF GB 1462. We are indebted to Dr. F. W. Irwin for his comments.
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Loewenton, E., Luce, R.D. Measuring equal increments of utility for money without measuring utility itself. Psychon Sci 6, 75–76 (1966). https://doi.org/10.3758/BF03327964
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DOI: https://doi.org/10.3758/BF03327964