Biol Psychiatry Cogn Neurosci Neuroimaging
April 2024
Proc Natl Acad Sci U S A
September 2022
Proc Natl Acad Sci U S A
February 2022
It is a widely held belief that people's choices are less sensitive to changes in value as value increases. For example, the subjective difference between $11 and $12 is believed to be smaller than between $1 and $2. This idea is consistent with applications of the Weber-Fechner Law and divisive normalization to value-based choice and with psychological interpretations of diminishing marginal utility.
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