The Generalized Fechner-Thurstone Direct Utility Function and Some of its Uses (Paperback, 1988 ed.)

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.

General

Imprint:	Springer-Verlag New York
Country of origin:	United States
Series:	Lecture Notes in Economics and Mathematical Systems, 316
Release date:	December 1988
First published:	1988
Authors:	R.L. Basmann • D.J. Slottje • K Hayes • J.D. Johnson • D.J Molina
Dimensions:	210 x 148 x 36mm (L x W x T)
Format:	Paperback
Pages:	159
Edition:	1988 ed.
ISBN-13:	978-0-387-96853-7
Categories:	Books > Business & Economics > Economics > Economic theory & philosophy Promotions
LSN:	0-387-96853-9
Barcode:	9780387968537

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