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"The paradox of value: Water rates and the law of diminishing marginal utility MELANIE GOETZ

" Why is it that diamonds, shiny and nice as a fashion statement, are valued more highly than water, a prerequisite for sustaining life? Could it be that water’s less-valuable uses of cleaning the car or washing down the driveway have a dampening effect on its value? Rarely do we think about the disparity of price among the myriad products that surround us. Apples-to-apples, it’s obvious that a Kia Sorento doesn’t hold a candle to the Rolls-Royce Phantom. But apples-to-oranges, why such a chasm between cool blue water and hot blue diamonds? (Ironically, diamonds are often referred to as “ice.”) Economists tell us that the law of diminishing marginal utility dictates that consumers place a greater value on diamonds than on life-giving water. It’s just the way consumers prioritize price—by a product’s “least-value usage.” Water may save your life in the desert, but even the lowliest of industrial diamonds carries a certain sexiness that invariably outstrips the redoubtable H2O"( Goetz, M. K. (2013). The paradox of value: Water rates and the law of diminishing marginal utility. Journal‐American Water Works Association, 105(9), 57-59) (http://www.hughesstuart.com/downloads/Goetz_AWWA%20September%202013.pdf).

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