negative 10
10
8
This is the isoelastic utility function (https://en.wikipedia.org/wiki/Isoelastic_utility)
9
10
Value of doubling consumption according to this utility function
11
equals
12
Value of consumption increase
13
14
Note that consumption increases are more valuable below $258 for isoelastic utility and less valuable after $258. This is true for eta (t) > 1, and is the opposite when eta < 1. Because GiveDirectly's transfers are always smaller than doubling consumption, this means isoelastic utility values these transers more than logarithmic utility.
15
16
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