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    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

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The Generalized Fechner-Thurstone Direct Utility Function and Some of Its Uses

The Generalized Fechner-Thurstone Direct Utility Function and Some of Its Uses

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

Paperback

Series: Lecture Notes in Economic and Mathematical Systems, Book 316

Economics

ISBN10: 0387968539
ISBN13: 9780387968537
Publisher: Springer
Published: Dec 6 1988
Pages: 159
Weight: 0.46
Height: 0.36 Width: 5.83 Depth: 8.27
Language: English
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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