R. L. Basmann, D. J. Slottje, K. Hayes, J. D. Johnson, D. J. Molina

The Generalized Fechner-Thurstone Direct Utility Function and Some of its Uses (eBook, PDF)

• Format: PDF

Produktbeschreibung

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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Produktdetails

• Verlag: Springer US
• Seitenzahl: 159
• Erscheinungstermin: 9. November 2013
• Englisch
• ISBN-13: 9781468494013
• Artikelnr.: 44176218

Inhaltsangabe

1 Introduction.- 2 The GFT Utility Function.- 3 Estimating the GFT Form.- 4 The GFT and Alternative Forms.- 5 The True Cost-of-Living Concept.- 6 Cross Country Comparisons.- 7 Testing for Habit Persistence.- 8 Concluding Remarks.- A The Five Commodity Groups.- B The Eleven Commodity Groups.