Paradoxes in utility theory

Paradox of value

The paradox of value (also known as the diamond–water paradox) is the contradiction that, although water is on the whole more useful, in terms of survival, than diamonds, diamonds command a higher price in the market. The philosopher Adam Smith is often considered to be the classic presenter of this paradox, although it had already appeared as early as Plato's Euthydemus. Nicolaus Copernicus, John Locke, John Law and others had previously tried to explain the disparity. (Wikipedia).

Paradox of value
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From playlist Solve Absolute Value Equations

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From playlist Solve Absolute Value Equations

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From playlist Solve Absolute Value Equations

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