{"product_id":"the-generalized-fechner-thurstone-direct-utility-function-and-some-of-its-uses-lecture-notes-in-economics-and-mathematical-systems-316-0387968539","title":"The Generalized Fechner-Thurstone Direct Utility Function and Some of its Uses (Lecture Notes in Economics and Mathematical Systems, 316)","description":"\u003cp\u003e\u003cstrong\u003eISBN:\u003c\/strong\u003e 0387968539\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eAuthor:\u003c\/strong\u003e Basmann, R.L.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eCondition:\u003c\/strong\u003e New\u003c\/p\u003e\u003cp\u003eIn 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.\u003c\/p\u003e","brand":"Mia Karts","offers":[{"title":"Default Title","offer_id":51855767273760,"sku":"NEW0387968539","price":61.33,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0980\/7426\/3840\/files\/51EYvghF0pL.jpg?v=1781541067","url":"https:\/\/miakarts.com\/products\/the-generalized-fechner-thurstone-direct-utility-function-and-some-of-its-uses-lecture-notes-in-economics-and-mathematical-systems-316-0387968539","provider":"Miakarts Books","version":"1.0","type":"link"}