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http://en.wikipedia.org/wiki/Neapolitan_sauce

http://en.wikipedia.org/wiki/Neapolitan
http://www.gaydemon.com/dicktionary/neapolitan_sex/ (page shows hand-drawn penises and sex acts) (similar definition with more words and less imagery here)

Yeah, but in the natural sciences we don't go on using the theories in circumstances where we know they won't work. Huh? Yes we do. All the time. I've read through a dozen papers using theories that were known not to work. But, the theories get us closer to the right answer than we were before, so ...

I'm cutting ruthlessly here, feel free to restore anything that I should have responded to but didn't. It is principally Nicole and her mother who place a higher value on this particular scarf. Nicole's mother could have done literally anything with her time, but she decided to knit a scarf. That im...

That said, prospect theory has discovered cases where "irrational" is the only word to describe it Prospect theory models this human behaviour correctly (utility theory does not), because it models loss avoidance. Why would you describe this behaviour as "irrational"? Is there a...

Maybe we're going about this the wrong way. Rather than being like economists and trying to figure out how people attribute value to an item, we should be like insurance companies, who must determine what an item is worth objectively. Insurance companies do not need to do that (the exception is lia...

Utility theory is just a theory, and there are many cases in which it fails - and where better theories exist (e.g. prospect theory). When humans don't act the way your theory predicts, economists are unique in blaming the humans ("irrational"), while any natural science would see a flaw ...

Still, the core of my post was what you omitted from your quote: If she spent time with a market value of $200 on an activity that produced a lesser value in goods and services, then she either derived value from the activity in some non-material form or she made a mistake. I'm operating under the ...

Well, when I learned economic theory, I learned that a rational actor pays more for greater utility, and that utility is largely subjective. [..] (That, or Nicole's mother was highly irrational, which economic theorists will tell you is startlingly common among real humans as compared to theoretica...

2 As for the uniqueness of the item, it is exactly what I don't agree with. All my previous (on-topic) posts are about this: It's just a scarf. It helps avoid catching a cold by keeping your throat warm. Any item doing the same (with the same efficiency, safety, lifetime, etc) made with more work i...

The market value is the price at which demand equals supply. For further reading, the concept is called a Marshallian cross. Thank you, I know this. I'd be happy if you addressed my points about this definition breaking down when determining the value of unique items that may not generally be avail...