The Generalized Fechner-Thurstone Direct Utility Function and Some of its Uses (Lecture Notes in Economics and Mathematical Systems, 316)

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

ISBN 10: 0387968539 / ISBN 13: 9780387968537

Published by Springer, 1988

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Bibliographic Details

• Title: The Generalized Fechner-Thurstone Direct Utility Function and Some of its Uses (Lecture Notes in Economics and Mathematical Systems, 316)
• Publisher: Springer
• Publication Date: 1988
• Language: English
• ISBN 10: 0387968539
• ISBN 13: 9780387968537
• Binding: paperback
• Condition: New
• Weight: 7 ounces

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Synopsis

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.