The Price Of Pain And The Value Of Suffering
Saturday, April 25, 2009 - 20:29
in Mathematics & Economics
A new study reveals that demand for pain relief is almost completely dependent on pain experienced in the recent past and the available cash on hand. That is, the participants were willing to pay more money to avoid pain if that pain was more intense compared to previous trials. In addition, the price they were willing to pay was based on what they were given (money-in-the-pocket) rather than on their overall wealth.