Thinking at the Margin

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Experienced well-being rises with income, even above $75,000 per year
Experienced well-being rises with income, even above $75,000 per year
Past research has found that experienced well-being does not increase above incomes of $75,000/y. This finding has been the focus of substantial attention from researchers and the general public, yet is based on a dataset with a measure of experienced well-being that may or may not be indicative of actual emotional experience (retrospective, dichotomous reports). Here, over one million real-time reports of experienced well-being from a large US sample show evidence that experienced well-being rises linearly with log income, with an equally steep slope above $80,000 as below it. This suggests that higher incomes may still have potential to improve people’s day-to-day well-being, rather than having already reached a plateau for many people in wealthy countries. Data aggregated by income level have been deposited in OSF (https://osf.io/nguwz/) ([23][1]). Granular data are stored in a repository and are available to qualified researchers who wish to verify or extend the claims of this paper; contact the author for access information. March 25, 2021: The Data Availability section has been updated. [1]: #ref-23
·pnas.org·
Experienced well-being rises with income, even above $75,000 per year
Vaccine drive hits diminishing returns but plows on
Vaccine drive hits diminishing returns but plows on
Only a mile and a half from the nearest CVS Pharmacy, Deborah Hurst received the first dose of a Pfizer vaccine last week sitting at a computer desk at her home in Lincoln Park, the midsummer sun peeking through the rear sliding door. The 68-year-old retired school teacher finally received the…
·crainsdetroit.com·
Vaccine drive hits diminishing returns but plows on
Diminishing Marginal Utility | Microeconomics
Diminishing Marginal Utility | Microeconomics
Learn all about diminishing marginal utility in just a few minutes! Professor Jadrian Wooten of Penn State University details diminishing marginal utility as...
·youtube.com·
Diminishing Marginal Utility | Microeconomics
QoD: What's the average number of times that a person wears a specific piece of clothing? - Blog
QoD: What's the average number of times that a person wears a specific piece of clothing? - Blog
Answer: 7 Questions: How often have you worn the outfit that you are wearing today?  One writer thinks about their clothing cost by analyzing their CPW (cost per wear calculated by dividing the cost by number of times that an item is worn). What do you think the CPW is for your favorite pair of shoes/sneakers? favorite jeans? What do you think social media's impact has been on clothing sales?
·ngpf.org·
QoD: What's the average number of times that a person wears a specific piece of clothing? - Blog
Consumer Choice – Class Activity - Google Docs
Consumer Choice – Class Activity - Google Docs
“CONSUMER THEORY” ACTIVITY DETAILS (IN CLASS) LESSON START-UP: Re-cap of homework video content... We know that no two consumers are alike – they all have different tastes & preferences, different budgets, etc. – so how can we say that they all behave in the same way? Conduct an experiment in ...
·docs.google.com·
Consumer Choice – Class Activity - Google Docs
Interactive Monday: Should you buy the bigger pizza? - Blog
Interactive Monday: Should you buy the bigger pizza? - Blog
Hat tip to Kareem for spotting this interactive. A little bit of math might help you make better decisions when it comes to buying pizza. From NPR.org: One day last year, an engineer and I went to a pizza place for lunch. The engineer told me he wasn't very hungry, but he said he was going to get the 12-inch medium instead of the 8-inch small — because the medium was more than twice as big as the small, and it cost only a little bit more.
·ngpf.org·
Interactive Monday: Should you buy the bigger pizza? - Blog
Lives Vs. The Economy | audioecon
Lives Vs. The Economy | audioecon
Link: Economists discuss the valuation of human life model to determine when the appropriate time to open the economy is. Federal agencies typically value a human life at $10 million. Many economis…
·audioecon.com·
Lives Vs. The Economy | audioecon
The Simpsons — Sirloin-A-Lot Challenge – Economics Media Library
The Simpsons — Sirloin-A-Lot Challenge – Economics Media Library
This clips includes a few different economics concepts rolled in to one. The overarching theme is that of consumer choice where Homer appears to experience diminishing returns while trying to eat a…
·econ.video·
The Simpsons — Sirloin-A-Lot Challenge – Economics Media Library