Nonsatiation (Smith, 1976a). Given a costless choice be ween two alternatives which differ only in that the first yields more of the reward medium (e. g., currency) than the second, the first will always be chosen (preferred) over the second by an autonomous individual, i. e., utility U(M) is a monotone increasing function of the reward medium.
Vernon L. SmithRelated topics
choice chosen currency differ function given increasing individual medium monotone preferred reward second smith utility ween nonsatiationRelated quotes
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