pull down to refresh
Do you normally refer to the function as “utility” instead of the level?
reply
Not sure. Never really thought about that.
I think I was reacting to Voskuil's use of the language, and specifically "reduces the relative utility of the sold coin." The language there seems ambiguous, and in my mind I was interpreting him as referring to the utility function of either party not changing.
reply
Seems like a "quantity demanded increases" vs. "demand curve increases" kind of linguistic ambiguity we're running into. Everyone gets tripped up over this!
Utility function doesn't change (necessarily). Utility levels change. Marginal utility changes due to being on a different point on the curve.