> Do you still maintain those things can't be compared? Only intuition tells us they can be compared. Utility theory given subjective preference gives us no t

> Do you still maintain those things can't be compared? Only intuition tells us they can be compared. Utility theory given subjective preference gives us no tools to make the comparison nor any way of verifying it. We have only the pretense of knowledge. Compare to e.g. diminishing marginal utility for a single person, which has a clear theoretical and verifiable basis. Here is why intuition is misleading: we can easily intuit the fact of our own diminishing marginal utility. Then we can say: if I was poorer, diminishing marginal utility makes the marginal dollar worth more to me. However, this does not hold across a different set of subjective preferences. Our intuition is strongly biased against the full recognition of subjective preference because it operates by injecting our own subjective preference onto others. When we imagine how some other person lives, we really imagine ourselves in that position. Unfortunately, we can only know others' preferences via revealed preference. Intuition is a poor guide. Furthermore, for any specific (and particularly extreme) example, our intuition might be strong enough to dismiss theoretical concerns. However, this does not generalize. Finally, if the mother prefers to spend the $1000 on crack, then any choice of leather is more beneficial.