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...

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Bibliographische Detailangaben

Hauptverfasser:	Basmann, R.L (VerfasserIn), Slottje, D.J (VerfasserIn), Hayes, K. (VerfasserIn), Johnson, J.D (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	New York, NY Springer New York 1988
Ausgabe:	1st ed. 1988
Schriftenreihe:	Lecture Notes in Economics and Mathematical Systems 316
Schlagworte:	Economic Theory/Quantitative Economics/Mathematical Methods Economic theory Schätzung Nutzenfunktion Ökonometrisches Modell USA
Online-Zugang:	BTU01 Volltext
Zusammenfassung:	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
Beschreibung:	1 Online-Ressource (VIII, 159 p)
ISBN:	9781468494013
DOI:	10.1007/978-1-4684-9401-3