The notion of diminishing marginal value has had a profound impact on the development of neoclassical theory. Early neoclassical scholars had considerable difficulty convincing contemporaries of the new paradigm's value until political economists, including Jevons and Walras, used the critical...

Laboratory and field experiments have grown significantly in prominence over the past decade. The experimental method provides randomization in key variables therefore permitting a deeper understanding of important economic phenomena. This path-breaking volume provides a valuable collection of...

A higher endowment of some good will typically cause an individual to place a lower value on increases (or decreases) in that endowment. This property, which we call diminishing marginal value, is a pervasive component of economists' beliefs about people's behavior. In ordinary markets "the more...