DEMAND FUNCTIONS WITH INFERIOR GOODS: THE IMPLICIT FUNCTION APPROACH
In this article, we propose a numerically computable utility function that can apply to inferior goods. The implicit function and its optimization technique are fully used. Since the implicit function is carefully formulated, it works well as a standard utility function. This technique ensures tract...
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| Veröffentlicht in: | Hitotsubashi journal of economics 2019-06, Vol.60 (1), p.79-105 |
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| container_title | Hitotsubashi journal of economics |
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| creator | Takahashi, Shuji |
| description | In this article, we propose a numerically computable utility function that can apply to inferior goods. The implicit function and its optimization technique are fully used. Since the implicit function is carefully formulated, it works well as a standard utility function. This technique ensures tractability and extendability. We propose the following: (1) a simple utility function of an inferior good which contains only two parameters; (2) a total cost function and its extension to the Cobb-Douglas production function with an inferior input; (3) a generalized utility function whose Engel-curve always stems from the origin. |
| doi_str_mv | 10.15057/30363 |
| format | Article |
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| source | EBSCOhost Business Source Complete; JSTOR Archive Collection A-Z Listing; Open Access Titles of Japan; EZB-FREE-00999 freely available EZB journals |
| subjects | Demand curves Economic theory Optimization Optimization techniques Production functions Utility functions |
| title | DEMAND FUNCTIONS WITH INFERIOR GOODS: THE IMPLICIT FUNCTION APPROACH |
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