The Direct Measurement of Cardinal Utility: A New Theory of Value & Demand

Benthall, M. G.

ISBN 10: 1984590162 / ISBN 13: 9781984590169

Published by Xlibris Us, 2019

About this Item

Seller Inventory # I-9781984590169

Bibliographic Details

• Title: The Direct Measurement of Cardinal Utility: A New Theory of Value & Demand
• Publisher: Xlibris Us
• Publication Date: 2019
• Language: English
• ISBN 10: 1984590162
• ISBN 13: 9781984590169
• Binding: Soft cover
• Condition: New

About this title

Synopsis

This book establishes a saturating consumption function by non-linear regression reducing residual error by over 85%. From this, equations for the demand functions in competitive, speculative and Giffen-good markets were derived and substitution was re-examined. Equations for indifference curves and equilibrium equations of increasing complexity in all combinations of these markets were thence deduced. Equilibrium solutions were found to be unique by fairly straightforward mathematics whenever one of the goods was a competitive good. What is thought to be a new mathematical technique referred to as 'Quasi Analytical Approximation' was developed to demonstrate uniqueness in other cases. From this matrix equations for general equilibrium for all combinations of markets including monopoly and oligopoly markets were derived and solved. The book also explores the implications of the new theory for consumer choice, money, borrowing and welfare economics.