RG

IN CONTEXT

FOCUS

Theories of value

KEY THINKER

William Jevons (1835–82)

BEFORE

1871 Austrian economist Carl Menger is credited with the theory of diminishing marginal utility in his book Principles of Economics.

AFTER

1890 British economist Alfred Marshall creates the demand curve using marginal utilities in his Principles of Economics.

1944 US economists John von Neumann and Oskar Morgenstern extend utility theory to situations with uncertain outcomes.

1953 In The Behavior of Rational Man at Risk, French economist Maurice Allais demonstrates how people behave differently from the way utility theory predicts.

Aristotle was the first person to observe that ...

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