Dimension of Health

A characteristic, like attribute, but particular to measuring health. Diminishing Marginal Utility

A property of a utility function, to the effect that increments of a good or service are assumed to add positive but diminishing additions to total utility. It is not to be conceived of as a successive phenomenon, in which the additions take place over time, but as an instantaneous characteristic of human preferences. Now largely superseded, save in expected utility theory, by the more general 'ordinalist' idea of a diminishing marginal rate of substitution in consumption or a negatively sloped indifference curve. See Marginal Utility, Ordinal Utility, Utility.

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