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Benchmark Two-Good Utility Functions

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KRIS DE JAEGHER

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Abstract

Benchmark two-good utility functions involving a good with zero income elasticity and unit income elasticity are familiar. In this paper we derive utility functions for the additional benchmark cases where one good has zero cross-price elasticity, unit own-price elasticity and zero own-price elasticity. It is shown how each of these utility functions arises from a simple graphical construction based on a single given indifference curve. Also, it is shown that possessors of such utility functions may be seen as thinking in a particular sense of their utility, and may be seen as using simple rules of thumb to determine their demand. Copyright © 2008 The Author; Journal compilation © 2008 Blackwell Publishing Ltd and The University of Manchester.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-9957.2007.01049.x
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Article provided by University of Manchester in its journal Manchester School.

Volume (Year): 76 (2008)
Issue (Month): 1 (01)
Pages: 44-65
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Handle: RePEc:bla:manchs:v:76:y:2008:i:1:p:44-65

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Werner Güth & Wilhelm Neuefeind, 2001. "Heuristics as Decision Rules - Part I: The Cobb Douglas Consumer," Homo Oeconomicus, Institute of SocioEconomics, vol. 18, pages 177-197.
  2. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March. [Downloadable!] (restricted)
  3. Moffatt, Peter G., 2002. "Is Giffen behaviour compatible with the axioms of consumer theory?," Journal of Mathematical Economics, Elsevier, vol. 37(4), pages 259-267, July. [Downloadable!] (restricted)
  4. Epstein, Gil S & Spiegel, Uriel, 2000. "A Production Function with an Inferior Input," Manchester School, University of Manchester, vol. 68(5), pages 503-15, September. [Downloadable!] (restricted)
  5. Yin, Xiangkang, 2001. "A Tractable Alternative to Cobb-Douglas Utility for Imperfect Competition," Australian Economic Papers, Blackwell Publishing, vol. 40(1), pages 14-21, March. [Downloadable!] (restricted)
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  6. Liebhafsky, H H, 1969. "New Thoughts About Inferior Goods," American Economic Review, American Economic Association, vol. 59(5), pages 931-34, December. [Downloadable!] (restricted)
  7. Weber, Christian E, 2001. "A Production Function with an Inferior Input: Comment," Manchester School, University of Manchester, vol. 69(6), pages 616-22, December. [Downloadable!] (restricted)
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  1. Kris De Jaegher, 2008. "Asymmetric substitutability: theory and some applications," Working Papers 08-02, Utrecht School of Economics. [Downloadable!]
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