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marginal utility of wealth

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The increase in an individual's utility consequent on a small increase in their total wealth, per unit of the increase. If an individual is risk-averse the marginal utility of wealth is a decreasing function of wealth. The marginal utility of wealth is constant for a risk-neutral individual, and increasing for a risk-loving individual. See also marginal utility of income.

Subjects: Social sciencesEconomics

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