Thursday, April 14, 2005

Law of Diminishing Marginal Utility

Law of Diminishing Marginal Utility: "A law of economics stating that as a person increases consumption of a product--while keeping consumption of other products constant--there is a decline in the marginal utility that person derives from consuming each additional unit of that product.

Investopedia Says...
This is the premise on which buffet-style restaurants operate. They entice you with 'all you can eat,' all the while knowing each additional plate of food provides less utility than the one before. And despite their enticement, most people will eat only until the utility they derive from additional food is slightly lower than the original.

For example, say you go to a buffet and the first plate of food you eat is very good. On a scale of ten you would give it a ten. Now your hunger has been somewhat tamed, but you get another full plate of food. Since you're not as hungry, your enjoyment rates at a seven at best. Most people would stop before their utility drops even more, but say you go back to eat a third full plate of food and your utility drops even more to a three. If you kept eating, you would eventually reach a point at which your eating makes you sick, providing dissatisfaction, or 'dis-utility'.
"


Pleasures, enjoyment, lose their value with every helping, while each pain, discomfort hurts so much more with every installment.
Basic problem with human thinking perhaps.
Forgetfulness, then is one of those virtues I must say.
If I could look at every drop of water that’s leaked through my roof as the only one that has ever dripped on my face, would the drip worry me so much less?
If you can eat a chocolate like its your first chocolate in life, would you enjoy it so much more?
..I constantly wonder afresh.


PS: Will I drown in my own house before my stomach bursts due to excessive intake of chocolate?

1 comment:

Usha said...

This is a trick I learnt when i was in my mid twenties on how to make the craving for something last forever. When you are indulging in the thing you crave for ( yes, my weakness is chocolates too) and the supply is plentiful, stop just before "That leeetle last bite". But if you give in and have it, you feel so cloyed and terrible you tell yourself " I never want to look at chocolates evvvver in my life!" The fun of the whole sinful indulgence is spoilt leaving a bad taste in your mouth and a queasy feeling in the stomach.