Thursday, March 03, 2011

Diminishing Marginal Utility Experiment

Yesterday, I conducted the Chocolate experiment with my class. On Monday I gave them the lecture on Jeremy Bentham,  Utility and Marginal Utility. Most of them accepted the idea as presented and said "that makes sense"!
On Wednesday (yesterday) I conducted the experiment but made sure the result would not match the results as presented in the lecture. I gave them a variety of chocolate so that the Marginal Utility would not fall. To my surprise the students picked up on this and criticized my experiment (see the end of the first video).


After this first round, I ran the experiment as it was meant to be run. I gave all of the credit to the students and the experiment worked out as Jeremy predicted.

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