theory of marginal utility
E394986
The theory of marginal utility is an economic concept explaining how the value of a good or service is determined by the additional satisfaction or benefit gained from consuming one more unit of it.
All labels observed (2)
| Label | Occurrences |
|---|---|
| Mengerian marginalism | 1 |
| theory of marginal utility canonical | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T3879468 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: theory of marginal utility Context triple: [Carl Menger, knownFor, theory of marginal utility]
-
A.
“New Methods of Measuring Marginal Utility”
“New Methods of Measuring Marginal Utility” is a pioneering work in econometrics by Ragnar Frisch that develops formal techniques for empirically estimating consumers’ marginal utilities.
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B.
The Theory and Measurement of Demand
The Theory and Measurement of Demand is a foundational economics book by Henry Schultz that rigorously develops statistical and mathematical methods for estimating consumer demand.
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C.
The Economic Point of View
The Economic Point of View is a foundational work in Austrian economics by Israel Kirzner that clarifies and defends the distinct methodological perspective of economic science.
-
D.
The Scope and Method of Economic Science
The Scope and Method of Economic Science is a foundational work in economic methodology that examines the proper aims, limits, and scientific status of economics as a discipline.
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E.
expected utility theory (with John von Neumann)
Expected utility theory (with John von Neumann) is a foundational framework in economics and decision theory that models how rational agents make choices under uncertainty by maximizing the expected value of a utility function.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: theory of marginal utility Target entity description: The theory of marginal utility is an economic concept explaining how the value of a good or service is determined by the additional satisfaction or benefit gained from consuming one more unit of it.
-
A.
“New Methods of Measuring Marginal Utility”
“New Methods of Measuring Marginal Utility” is a pioneering work in econometrics by Ragnar Frisch that develops formal techniques for empirically estimating consumers’ marginal utilities.
-
B.
The Theory and Measurement of Demand
The Theory and Measurement of Demand is a foundational economics book by Henry Schultz that rigorously develops statistical and mathematical methods for estimating consumer demand.
-
C.
The Economic Point of View
The Economic Point of View is a foundational work in Austrian economics by Israel Kirzner that clarifies and defends the distinct methodological perspective of economic science.
-
D.
The Scope and Method of Economic Science
The Scope and Method of Economic Science is a foundational work in economic methodology that examines the proper aims, limits, and scientific status of economics as a discipline.
-
E.
expected utility theory (with John von Neumann)
Expected utility theory (with John von Neumann) is a foundational framework in economics and decision theory that models how rational agents make choices under uncertainty by maximizing the expected value of a utility function.
- F. None of above. chosen
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
economic theory
ⓘ
microeconomic concept ⓘ |
| appliesTo |
goods
ⓘ
intertemporal consumption choices ⓘ money ⓘ risk and insurance decisions ⓘ services ⓘ |
| assumes |
diminishing marginal utility
ⓘ
given preferences ⓘ rational consumer behavior ⓘ |
| basedOn |
ordinal preferences of consumers
ⓘ
subjective utility ⓘ |
| componentOf |
Austrian value theory
ⓘ
neoclassical price theory ⓘ |
| contrastsWith | classical labor theory of value ⓘ |
| coreConceptOf |
consumer theory
ⓘ
demand theory ⓘ price theory ⓘ subjective theory of value ⓘ |
| criticizedFor |
difficulty of measuring utility
ⓘ
limited treatment of social and behavioral factors ⓘ strong rationality assumptions ⓘ |
| explains |
allocation of a consumer’s budget across goods
ⓘ
consumer choice under scarcity ⓘ downward‑sloping demand curve ⓘ how value depends on additional satisfaction from one more unit consumed ⓘ |
| field |
microeconomics
ⓘ
neoclassical economics ⓘ |
| formalizedBy |
marginal utility functions
ⓘ
utility functions ⓘ |
| historicalRoot |
Carl Menger
ⓘ
Leon Walras ⓘ
surface form:
Léon Walras
William Stanley Jevons ⓘ marginal revolution in economics ⓘ
surface form:
marginal revolution
|
| influenced |
Austrian School of economics
ⓘ
Walrasian general equilibrium theory ⓘ modern consumer demand models ⓘ |
| relatesTo |
cardinal utility
ⓘ
indifference curve analysis ⓘ law of diminishing marginal utility ⓘ marginal analysis ⓘ ordinal utility ⓘ |
| states |
marginal utility typically decreases as quantity consumed increases
ⓘ
value of a good is determined by its marginal utility rather than total utility ⓘ |
| usedFor |
deriving individual demand curves
ⓘ
explaining consumer surplus ⓘ explaining water–diamond paradox ⓘ welfare analysis of consumption ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: theory of marginal utility Description of subject: The theory of marginal utility is an economic concept explaining how the value of a good or service is determined by the additional satisfaction or benefit gained from consuming one more unit of it.
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Mengerian marginalism