marginal utility

03 March, 2014



In economics, there's this thing called marginal utility, which goes like this: let's say you're starving, and you buy a piece of pizza. You'd probably be willing to pay more for the first slice than you would any proceeding slices, because your hunger is the driving force of the purchase, and it (hopefully? haha) subsides after you consume the first slice. The takeaway here is that when you have a lot of something, you tend to value it less.

And now let's apply this theory to a 5 year old, with too many toys, who threw a fit in the store today because I wouldn't buy her a stuffed animal. Said 5 year old now has substantially less toys, which she will now value more.

Parenting and economics, you guys!! It's so much fun!

12 comments:

yours truly, melissa said...

I am not looking forward to the fits that come with the later years! Hope you are having a good day ;)

Hollie Nickolls said...

Aww, it's kind of a trade off for teething and sleepless nites! haha I hope you're having a good day too!

MeghanTopjian said...

Joe always talks about this and constantly tells friends and family to not buy toys for Cubs!

Krystal // Village said...

hhaha nice!!

Katrina Sophia said...

interesting stuff!

Katrina Sophia Blog

Mary said...

But all the toys are different, Mom! You can never have too many! That's an actual quote from my Nathan. And he remembers every single one. I try to reduce and get rid of some every now and then. I stick them in the attic, and without fail, he notices and has to play with that particular toy RIGHT NOW. Crazy kid. At least he does know that he's not getting more outside of birthday or Christmas. :-)

Erika Lee @ A Tiny Rocket said...

haha so true. I rotate the toys with my kiddo because she loves anything she thinks is new.

Tiffany Kadani said...

Hahaha! You are genius. I think you should write a parenting book.

Stephanie said...

Yep. This happened to us recently. And in June I will be begging people to give avery books and clothes for her birthday instead of toys.

Matthew Pike said...

haha that's how to do it. pizza and kids, great analogy! You're funny Hollie.

Buckets & Spades

Inge said...

That's just logic ;)

Crystle Ardoin said...

Love this!