“Bernoulli's real contribution was to coin a word. The word has been translated into English as "utility". It describes this subjective value people place on money.” PeopleHas BeensRealValuesContributionCoinsSubjectiveUtility Book:Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street Source: Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
“People tend to be clueless about prices. Contrary to economic theory, we don't really decide between A and B by consulting our invisible price tags and purchasing the one that yields the higher utility, he says. We make do with guesstimates and a vague recollection of what things are “supposed to cost.”” PeopleEconomicTheoryHigherCostContraryInvisibleYieldVagueUtilityRecollectionTagConsultingCluelessPurchasingPrice TagEconomic Theory Author:William Poundstone
