Logarithmic diminishing marginal value is a version of diminishing marginal value that specifically *doesn't* have a bounded positive contribution for each term.
Logarithmic diminishing marginal value is a version of diminishing marginal value that specifically *doesn't* have a bounded positive contribution for each term.
this has nothing to do with logarithmic diminishing marginal value. they were just applying a log to both sides to demonstrate that the utility function can be monotonically transformed to an additive function with a constant slope (with the implicit assumption of ordinal utility theory)
Logarithmic diminishing marginal value is a version of diminishing marginal value that specifically *doesn't* have a bounded positive contribution for each term.
this has nothing to do with logarithmic diminishing marginal value. they were just applying a log to both sides to demonstrate that the utility function can be monotonically transformed to an additive function with a constant slope (with the implicit assumption of ordinal utility theory)
Conceptually, you are right, but formally, this is identical to logarithmic diminishing marginal value.