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the generalized fechner-thurstone direct utility function and some of its uses
R. L. Basmann
(Author)
·
D. J. Slottje
(Author)
·
K. Hayes
(Author)
·
Springer
· Paperback
the generalized fechner-thurstone direct utility function and some of its uses - Basmann, R. L. ; Slottje, D. J. ; Hayes, K.
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Synopsis "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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The book is written in English.
The binding of this edition is Paperback.
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