The Generalized Fechner-Thurstone Direct Utility Function and Some of its Uses
Produktnummer:
181b2b293ad8af44268be733c742cdedce
| Autor: | Basmann, R.L. Hayes, K. Johnson, J.D. Molina, D.J. Slottje, D.J. |
|---|---|
| Themengebiete: | consumer foundation utility utility theory |
| Veröffentlichungsdatum: | 06.12.1988 |
| EAN: | 9780387968537 |
| Sprache: | Englisch |
| Seitenzahl: | 159 |
| Produktart: | Kartoniert / Broschiert |
| Verlag: | Springer US |
Produktinformationen "The Generalized Fechner-Thurstone Direct Utility Function and Some of its Uses"
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.
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