Gossen

Gossen, known for his work in economics, formulated the "laws of diminishing marginal utility." This concept explains that as a person consumes more of a good or service, the additional satisfaction (or utility) gained from each extra unit decreases. For example, the first slice of pizza provides high enjoyment, but by the fourth or fifth slice, the extra satisfaction diminishes. This principle helps explain consumer choices and demand, emphasizing that people value goods differently based on how much they have already consumed, influencing pricing and resource allocation in markets.