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.
| ISBN: | 9780387968537 |
| Publication date: | 23rd November 1988 |
| Author: | R L Basmann |
| Publisher: | Springer an imprint of Springer New York |
| Format: | Paperback |
| Pagination: | 159 pages |
| Series: | Lecture Notes in Economics and Mathematical Systems |
| Genres: |
Economic theory and philosophy |
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.
The Generalized Fechner-Thurstone Direct Utility Function and Some of Its Uses features in the following genres: Economic theory and philosophy
The Generalized Fechner-Thurstone Direct Utility Function and Some of Its Uses is available in Paperback
The Generalized Fechner-Thurstone Direct Utility Function and Some of Its Uses was written by R L Basmann and published by Springer an imprint of Springer New York
The Generalized Fechner-Thurstone Direct Utility Function and Some of Its Uses has 159 pages
Yes it is part of Lecture Notes in Economics and Mathematical Systems series