Balance in Life and Declining Marginal Utility of Diverse Resources

• Main Authors: DIENER, Ed, NG, Weiting, TOV, William
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2008
• Subjects: Well-being; Happiness; Declining marginal utility; Balance; Life satisfaction; Gender and Sexuality; Social Psychology
• Online Access: https://ink.library.smu.edu.sg/soss_research/736
• Institution: Singapore Management University

Declining marginal utility (DMU) describes the reduced value that additional units of money or consumer goods have in comparison to units acquired earlier. We extend this idea to social resources and activities such as socializing time, free time, and number of children, suggesting that most resourc...