The Generalized Fechner-Thurstone Direct Utility Function and Some of its Uses / Lecture Notes in Economics and Mathematical Systems Bd.316 (PDF)
(Sprache: Englisch)
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...
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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.
Bibliographische Angaben
- Autoren: R. L. Basmann , D. J. Slottje , K. Hayes , J. D. Johnson , D. J. Molina
- 2013, 1988, 159 Seiten, Englisch
- Verlag: Springer, New York
- ISBN-10: 1468494015
- ISBN-13: 9781468494013
- Erscheinungsdatum: 09.11.2013
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