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.
| Autorius: | R. L. Basmann, D. J. Slottje, D. J. Molina, J. D. Johnson, K. Hayes, |
| Serija: | Lecture Notes in Economics and Mathematical Systems |
| Leidėjas: | Springer US |
| Išleidimo metai: | 1988 |
| Knygos puslapių skaičius: | 168 |
| ISBN-10: | 0387968539 |
| ISBN-13: | 9780387968537 |
| Formatas: | Knyga minkštu viršeliu |
| Kalba: | Anglų |
| Žanras: | Economic theory and philosophy |
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