| The Generalized Fechner-Thurstone Direct Utility Function and Some of Its Uses 1988 Edition Contributor(s): Basmann, R. L. (Author), Slottje, D. J. (Author), Hayes, K. (Author) |
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ISBN: 0387968539 ISBN-13: 9780387968537 Publisher: Springer OUR PRICE: $52.24 Product Type: Paperback Published: December 1988 |
| Additional Information |
| BISAC Categories: - Business & Economics | Economics - Theory - Business & Economics | Econometrics |
| Dewey: 330.015 |
| LCCN: 88032780 |
| Series: Springer Texts in Statistics |
| Physical Information: 0.36" H x 5.83" W x 8.27" (0.46 lbs) 159 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: 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. |