The name is absent



for a unit of product. But Paul will have a say as to the amount which he stands to win by that outlay.
Say the payment is ½
n shillings or pounds, n not now indefinitely large; Paul will demand a higher
prize than the bare actuarial 2r - l; unless he is a fatuous gambler (cp. Marshall,
Principles, Bk. V. ch.
vii. §4, and p. 613, note, 5th edition; and Pigou on uncertainty-bearing). At what terms above the
actuarial limit Paul will touch the point of indifference, what is his demand-schedule in respect of
such transactions, depends upon his mentality, his “dispositions,” in the phrase of Walras relative
to supply and demand in general. Thus the share of the entrepreneur in the product equally with the
share of the workman depends on the play of demand and supply. It is no more predetermined than
the wage-fund.]



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