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The Generalized Fechner-Thurstone Direct Utility Function and Some of Its Uses
R L Basmann, D J Slottje, K Hayes, J D Johnson, D J Molina
83,95 €
+ 167 points
Description
In this book the foundations and applicability of the Generalized Fechner-Thurstone Utility Function are laid out. It is shown how by removing the constraint of fixed preferences in the neoclassical consumer theory, utility theory can be used to develop non-parametric indices along with elasticities of the marginal rates of substitutions. It is also shown that whereas the existence of a fixed preference utility function is not always guaranteed for different demand functions, there will always exist at least one Generalized Fechner-Thurstone Direct Utility Function. Furthermore, analysis using the Fechner-Thurstone Direct Utility Function is clear and simple and does not rely on ad hoc Taylor expansions. The construction of different true-cost-of-living indices, the comparison of North American consumers, and a habit formation model are developed to show the usefulness of the Generalized Fechner-Thurstone Direct Utility Function.
Spécifications
Parties prenantes
- Auteur(s) :
- Editeur:
Contenu
- Nombre de pages :
- 159
- Langue:
- Anglais
- Collection :
- Tome:
- n° 316
Caractéristiques
- EAN:
- 9780387968537
- Date de parution :
- 06-12-88
- Format:
- Livre broché
- Format numérique:
- Trade paperback (VS)
- Dimensions :
- 148 mm x 210 mm
- Poids :
- 208 g
