{"product_id":"the-generalized-fechner-thurstone-direct-utility-function-and-some-of-its-uses-von-r-l-basmann-k-hayes-j-d-johnson-d-j-molina-d-j-slottje","title":"The Generalized Fechner-Thurstone Direct Utility Function and Some of its Uses","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.\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9780387968537\"\u003e\u003ch3\u003e\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Softcover - 9780387968537","offer_id":39415047815261,"sku":"9780387968537","price":53.49,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/f9b319ec-006a-4e05-90bf-6988ec928c6c.jpg?v=1773378256","url":"https:\/\/shop.autorenwelt.de\/products\/the-generalized-fechner-thurstone-direct-utility-function-and-some-of-its-uses-von-r-l-basmann-k-hayes-j-d-johnson-d-j-molina-d-j-slottje","provider":"Autorenwelt Shop","version":"1.0","type":"link"}