Yeah, but also keep in mind that people’s utility functions cannot be very concave. (My rephrasing is pretty misleading but I can’t think of a better one, do read the linked post.)
Hmmm. The linked post talks about the perceived utility of money; that is, what the owner of the money thinks it is worth. This is not the same as the actual utility of money, which is what I am trying to use in the grandparent post.
I apologise if that was not clear, and I hope that this has cleared up any lingering misunderstandings.
Yeah, but also keep in mind that people’s utility functions cannot be very concave. (My rephrasing is pretty misleading but I can’t think of a better one, do read the linked post.)
Hmmm. The linked post talks about the perceived utility of money; that is, what the owner of the money thinks it is worth. This is not the same as the actual utility of money, which is what I am trying to use in the grandparent post.
I apologise if that was not clear, and I hope that this has cleared up any lingering misunderstandings.