theory of marginal utility

E394986

economic theory microeconomic concept

The theory of marginal utility is an economic concept explaining how the value of a good or service is determined by the additional satisfaction or benefit gained from consuming one more unit of it.

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All labels observed (2)

Label	Occurrences
Mengerian marginalism	1
theory of marginal utility canonical	1

Statements (48)

Predicate	Object
instanceOf	economic theory ⓘ microeconomic concept ⓘ
appliesTo	goods ⓘ intertemporal consumption choices ⓘ money ⓘ risk and insurance decisions ⓘ services ⓘ
assumes	diminishing marginal utility ⓘ given preferences ⓘ rational consumer behavior ⓘ
basedOn	ordinal preferences of consumers ⓘ subjective utility ⓘ
componentOf	Austrian value theory ⓘ neoclassical price theory ⓘ
contrastsWith	classical labor theory of value ⓘ
coreConceptOf	consumer theory ⓘ demand theory ⓘ price theory ⓘ subjective theory of value ⓘ
criticizedFor	difficulty of measuring utility ⓘ limited treatment of social and behavioral factors ⓘ strong rationality assumptions ⓘ
explains	allocation of a consumer’s budget across goods ⓘ consumer choice under scarcity ⓘ downward‑sloping demand curve ⓘ how value depends on additional satisfaction from one more unit consumed ⓘ
field	microeconomics ⓘ neoclassical economics ⓘ
formalizedBy	marginal utility functions ⓘ utility functions ⓘ
historicalRoot	Carl Menger ⓘ Leon Walras ⓘ surface form: Léon Walras William Stanley Jevons ⓘ marginal revolution in economics ⓘ surface form: marginal revolution
influenced	Austrian School of economics ⓘ Walrasian general equilibrium theory ⓘ modern consumer demand models ⓘ
relatesTo	cardinal utility ⓘ indifference curve analysis ⓘ law of diminishing marginal utility ⓘ marginal analysis ⓘ ordinal utility ⓘ
states	marginal utility typically decreases as quantity consumed increases ⓘ value of a good is determined by its marginal utility rather than total utility ⓘ
usedFor	deriving individual demand curves ⓘ explaining consumer surplus ⓘ explaining water–diamond paradox ⓘ welfare analysis of consumption ⓘ

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Input

Subject: theory of marginal utility
Description of subject: The theory of marginal utility is an economic concept explaining how the value of a good or service is determined by the additional satisfaction or benefit gained from consuming one more unit of it.

Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

Carl Menger → knownFor → theory of marginal utility ⓘ

Austrian market process approach → influencedBy → theory of marginal utility ⓘ

this entity surface form: Mengerian marginalism