Do people care more about money’s absolute value, or more about its relative value to what other people have? Does our utility function have a term for other people in it which is it in conflict with other people’s utility functions?
Even without bothering about rest of the world, just things that directly affect me, I totally failed, so I see no reason to think about such complications yet.
Do people care more about money’s absolute value, or more about its relative value to what other people have? Does our utility function have a term for other people in it which is it in conflict with other people’s utility functions?
Even without bothering about rest of the world, just things that directly affect me, I totally failed, so I see no reason to think about such complications yet.