Daniel Bernoulli introduced this  quantity to resolve a quandary about the value of a gamble that has an infinite expected payoff but is only worth a small  amount, the St. Petersburg paradox.
Mathematically, this quantity can be expressed by a function if an agent satisfies the axioms of completeness, transitivity,  continuity, and independence, according to the Von Neumann-Morgenstern theorem. Daniel Bernoulli introduced this  quantity to resolve a quandary about the value of a gamble that has an infinite expected payoff but is only worth a small  amount, the St. Petersburg paradox. The key insight of the General Mathematical Theory of Political Economy by (*)  William Stanley Jevons is that this quantity for a good is inversely related to the amount of that good already owned. For 10  points, name this concept that measures the total satisfaction that a person gets from consuming a good or service, which  diminishes marginally.
Mathematically, this quantity can be expressed by a function if an agent satisfies the axioms of completeness, transitivity,  continuity, and independence, according to the Von Neumann-Morgenstern theorem.
[marginal] utility