I think any method that calculates the value/utility of your wealth as a timeless function of utility per amount will be pretty disconnected to how people behave in practice. It doesn’t account for people making plans and having to scrap them because an accident cost them their savings, for instance.
(But then again, I’m not an economist, maybe there are timeless frameworks that account for that.)
Straight-up diminishing marginal utility of wealth, then?
Not necessarily.
I think any method that calculates the value/utility of your wealth as a timeless function of utility per amount will be pretty disconnected to how people behave in practice. It doesn’t account for people making plans and having to scrap them because an accident cost them their savings, for instance.
(But then again, I’m not an economist, maybe there are timeless frameworks that account for that.)