Cross Modality Matching of Money against Other Continua.
COLUMBIA UNIV NEW YORK PSYCHOPHYSICS LAB
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Three experiments were conducted in which monetary increments and decrements were matched to either the loudness of a tone or the bitterness of various concentrations of sucrose octa-acetate. An additional experiment involving ratio estimates of monetary loss is also reported. Results confirm that the utility function for both monetary increments and decrements is a power function with exponents less than one. The data further suggest that the exponent of the disutility function is larger than that of the utility function, i.e., the rate of change of unhappiness caused by monetary losses is greater than the comparable rate of happiness produced by monetary gains. Author