Some invariances of the isosensitivity function and their implications for the utility function of money.

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Abstract
EXPERIMENTS WERE PERFORMED IN WHICH HUMAN OS REPORTED WHETHER THEY COULD DETECT THE DIFFERENCE IN AMPLITUDE BETWEEN A PAIR OF ACOUSTIC STIMULI PRESENTED ON EACH OF SEVERAL THOUSANDS OF TRIALS. FACTORS SYSTEMATICALLY VARIED INCLUDED THE PROBABILITY THAT THE STIMULUS PAIR DIFFERED, THE RELATIVE MONETARY VALUE TO O OF REPORTING THE DIFFERENCES, AND THE INSTRUCTIONS TO O. AS AN ADDITIONAL EXTREME CASE, THE MONETARY VALUE OF REPORTING A DIFFERENCE WAS ALTERED BY MULTIPLYING THE REWARDS BY A POSITIVE CONSTANT. THE ISOSENSITIVITY FUNCTION, THE FUNCTION THAT DESCRIBES THE RELATION BETWEEN CORRECT AND FALSE REPORTS OF A DIFFERENCE, WAS UNCHANGED UNDER ALL CONDITIONS. THE ABSOLUTE RESPONSE PROBABILITIES OF CORRECT DETECTIONS AND FALSE REPORTS WERE REPRODUCED EVEN THOUGH 5-FOLD CHANGES IN MONETARY VALUE WERE MADE. THIS LAST RESULT LENDS ADDITIONAL EMPIRICAL SUPPORT TO THE ACCUMULATING EVIDENCE THAT THE UTILITY FUNCTION OF MONEY IS A POWER FUNCTION. (PsycINFO Database Record (c) 2006 APA, all rights reserved)

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