Search results
The paradox of value, also known as the diamond–water paradox, is the paradox that, although water is on the whole more useful in terms of survival than diamonds, diamonds command a higher price in the market.
10 lis 2021 · Learn why some essential goods are cheaper than non-essential goods, despite having higher marginal utility. Explore the factors that affect the price of goods, such as context, total expenditure, supply and demand, and Veblen goods.
22 mar 2024 · The paradox of value is a situation that questions why essential goods have a lower value than non-essential goods. Learn how marginal utility, scarcity, and consumer preferences determine market prices and value in this article.
20 lis 2023 · Learn what the paradox of value means and how it challenges the traditional theory of value based on usefulness. Understand the factors that affect the value of goods, such as scarcity, utility, preferences, and social constructs.
21 mar 2021 · The paradox of value is the observation that some goods and services have high value in use but low value in exchange, while others have low value in use but high value in exchange. Learn the causes and implications of this paradox with examples of water and diamonds.
It's an easy choice – the diamonds are more valuable. But if given the same choice when you were dehydrated in the desert, after wandering for days, would you choose differently? Why? Aren't diamonds still more valuable? Akshita Agarwal explains the paradox of value. [Directed by Qa'ed Mai, narrated by Julianna Zarzycki].
Paradox of value. It is possible that goods with a high total utility1, such as water, result in a low market price. Conversely, the situation for diamonds is as follows: Low total utility, high market price.
