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Law of Diminishing Marginal Utility – The Classic Case of IPL



                                      (Image Courtesy: Google Images)


Not too long ago, IPL had created a rage  not only  for the quick running between the wickets but also a quick duration of time that was comfortable to fit in 2 matches in one evening, the glam and the lethal combination of movie actors, business tycoons and cricket stars and above all IPL was truly an acronym that one couldn’t forget for its post-match parties. 

On the other side, the IPL series was also famous for its tongue-in-cheek link ups, romances and not to forget a little overdose of the oomph factor. Thanks to Lalit Modi, the man who sculpted the idea of bringing different people on one common platform and making a money spinning event for the cricket crazy nation. 

Now my dear readers don’t get me wrong that I am here to take sides for Lalit Modi, but one mustn’t forget that he had successfully managed to get some beauty to the cricket with new ideas, lots of women, quick cricketing formats and all.

The recent IPL that began without Lalit Modi’s presence has also been an interesting watch, (not supporting his deeds, but the man who introduced this concept needs a little attention) but one must certainly accept the fact that the fizz in the current IPL is slowly diluting and I am afraid by coming two seasons, the entire concept of IPL becomes just like any other cricket events that comes year on year.

I am definitely not a die-hard cricket fan (Well! you may be surprised, it is true and I am from India, can share my passport for authenticity) but I must confess that the previous series of IPL have truly been an exciting seasons when it comes to the cricket. I must also thank those seasons for helping me to revise my cricket knowledge.

Be it the team combinations, the contests, the interesting snippets that were shown during the match, the innovative marketing ideas that were introduced during the IPL above all the stories that spread on the post-match parties have definitely managed to evoke the interest in following the IPL series closely. 

If we try to analyze the case of IPL, it is truly a classic case of Diminishing Marginal Utility. For all those who are unaware of this law, in Economics, Diminishing Marginal Utility speaks that as a person increases consumption of a product - while keeping consumption of other products constant - there is a decline in the marginal utility that person derives from consuming each additional unit of that product.

In lay man’s terms, a person can have one or two chocolates, and anything more than that the interest of consuming is lessened compared to the prior consumed chocolates. 

Likewise, IPL has also been an exciting series during its initial seasons, but for various reasons, like Lalit Modi moving out of the IPL board, Yuvi’s absence due to health or Shane Warne’s non-participation, IPL 2012 flavor has certainly been diminished to a larger extent compared to its preceding seasons.  

I hope IPL gets back to its glory!

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