![]() You may be curious, in the generated utility function, from where these scaling parameters are 0.189 and -0.869 come. Select the "Bernoulli Utility Function" button. As you have checked the box "I want to use a utility function.", you will be presented with a utility function editor. Now, if we plot this expression for various "a" value as "a" = 1, "a" = 10, "a" = 50, "a" =100, we observe a pattern.Ĭlick Proceed. We will show how to calculate this constant in this tutorial. ![]() You can fine-tune this value "a" to match someone's net wealth and model his/her utility function. This "a" value can be anything to reflect a specific person's situation. In our expression, we introduced a proportional constant "a". That is the idea of marginal utility of the Bernoulli Utility Function. but, when the net wealth is very low, the extra 1$ gets much more exciting. So, you can understand that the more wealth is gained, the temptation to get an extra 1$ gets diminished. How much excited will you feel? Not sure about everyone, but most rational people will feel the "0" temptation to get that 1$ when the 100,000$ he or she has in his/her pocket. If you get 1$ on top of that your net wealth will be 100,001$. Now, say, you have 100,000$ in your pocket. Say, you have 50$ in your pocket, how much more excited will you feel if you just get 1$ (so your total wealth will be 51$)? hmm, maybe someone will be somewhat excited. So, here, we used the differential operator. If you are familiar with calculus, then you know that differential operation is the math operation that gives us any expression's rate of change. "Īn assortment of the Professor's videos are on YouTube-literally hundreds (if not thousands) of them.Marginal utility is an expression of how the Utility value changes for each additional unit of gain. Now you too can watch some 'enchanting experiments' with the good professor!. Professor Miller's infectious enthusiasm for physics delighted, educated and entertained generations of Australians, most of whom have at some point asked each other 'Why is it so?' in the characteristic Julius Sumner Miller voice. ![]() Why is it so? - the ground-breaking TV series with the enigmatic Professor Julius Sumner Miller - ran on the ABC from 1963 to 1986. Massive handwaving, an eloquent American drawl, flashing raised eyebrows (were they singed on Bunsen Burners?) and content matter drawn from the kitchen, the backyard and from nature ensured that his audience would watch as a regularly captivated student as the lively professor asked such questions as "WHICH weighs more - a pint of wet sand or a pint of dry sand?". "Why is it So" you might ask? The reason was quite simple: Professor Julius Sumner Miller was simply intriguing - one would never know what simply household every-day experiment he would dream up next. He set traps to keep people on their toes he would ask members of the audience to verify that a glass was empty and then berate them for not noticing that it was full of air." Each session had a strong element of drama and was punctuated loudly with phrases such as ‘Watch it now! Watch it!’ or ‘He who is not stirred by the beauty of it is already dead!’. Bubbling with infectious enthusiasm not normally associated with the serious scientist, he brought each presentation to life with details of the history of the subject and the origins and meanings of the words used to describe it. I should have said: 'Australian potatoes ain’t worth a damn', and I’d have cornered the potato market!". He later stated "I sat amongst the straws with straws stuck in my hair and ears. The next morning, Miller arrived at his Sydney University laboratory to find one million drinking straws on the floor with a telegram reading "You might find one of these fitting your requirements". ![]() For the first time in his career he could not get this to work, and he loudly exclaimed "Australian straws ain't worth a damn!". A paper straw normally does not have sufficient strength but if one pinches the end, the trapped air acts as a piston, easily piercing the potato. In an improvised physics demonstration, he attempted to drive a drinking straw through a raw potato. Miller's first television appearance in Australia was on Bob Sanders People in 1963. If you would like to be reminded what he was like, here is a (1 minute 34 second - 4.07 MB) video to bring back memories: I liked this: He definitely was a one-of-a-kind individual. Who remembers this guy: Professor Julius Sumner Miller? ![]()
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