I can’t imagine how it could be conducted in monetary payoffs, at least without a restrictive upper bound. Not only does the added utility of money decrease with scale, but you can only get so much utility out of money in a finite economy.
I’d be a bit surprised if, outside a certain range, utilons can be described as a function of money at all.
I can’t imagine how it could be conducted in monetary payoffs, at least without a restrictive upper bound. Not only does the added utility of money decrease with scale, but you can only get so much utility out of money in a finite economy.
I’d be a bit surprised if, outside a certain range, utilons can be described as a function of money at all.