The Law Of Diminishing Marginal Utility states that, all else equal, as consumption increases, the marginal utility derived from each additional unit declines. Marginal utility is derived as the change in utility as an additional unit is consumed. Utility is an economic term used to represent satisfaction or happiness. Marginal utility is the incremental increase in utility that results from consumption of one additional unit.

From https://www.investopedia.com/terms/l/lawofdiminishingutility.asp

Simple definition

1. For a hungry man
2. First bun makes him very happy.
3. Second bun makes him a little happy.
4. Third one, ok ok.
5. Fourth one? He might puke. (Negative utility)

Plots

1. Plotting this for different things in life might give me better clarity on where I want to spend most of my time.
2. Where this applies
   1. money
   2. Property
   3. Business
   4. Mentoring
   5. Spending time with family
   6. Spending time with myself
   7. Rest
   8. Vacations
   9. Movies, Netflix
   10. Kids 😜

Further thinking

The importance of duration on this law. For example if you take the example of bun, next day the first bun will again make you happy. So we need to think of the timeframe in which different activities respect this law and the frequency at which we should do it.

May be a couple of will long vacations per year. One or two movies per week. etc

Is Wait for the craving a good strategy here or should we have a minimum repetition to reduce the chances of regret in the future

Referenced in:

• Don't-Repeat-Yourself