Nonsatiation (Smith, 1976a). Given a costless choice be ween two alternatives which differ only in that the first yields more of the reward medium (e. g., currency) than the second, the first will always be chosen (preferred) over the second by an autonomous individual, i. e., utility U(M) is a monotone increasing function of the reward medium.
Vernon L. SmithRelated topics
choice currency given increasing reward second utilityRelated quotes
A second thing that an individual must do in seeking to love his enemy is to discover the element of good in his enemy, and everytime you begin to hate that person and think of hating that person, realize that there is some good there and look at those good points which will over-balance the bad points.
Martin Luther King Jr.
I've chosen not to challenge the rule of law, because in our system there really is no intermediate step between a Supreme Court decision and violent revolution. When the Supreme Court makes a decision, no matter how strongly one disagrees with it, one faces a choice –are we, in John Adams' phrase, a nation of laws, or is it a contest made on raw power?
Al Gore
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Leonardo da Vinci
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Vladimir Lenin
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Yehudi Menuhin