Sums and Products of Indirect Utility Functions
AbstractThere are relatively few known demand systems that are theoretically satisfactory and practically implementable. This paper considers the possibility of deriving more complex demand systems from simpler known ones by considering sums and products of the component indirect utility functions, an approach that does not seem to have been exploited previously in the literature. While not all sums and products of valid utility functions need yield new valid utility functions, it is possible to usefully extend the range of available utility functions. Some of the demand systems that result are interesting and potentially useful - the simpler (in a parameter parsimony sense) for applied general equilibrium studies and for theoretical explication, while more complex systems have potential for the analysis of real world consumption data.
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Bibliographic InfoArticle provided by Economic and Social Studies in its journal Economic and Social Review.
Volume (Year): 33 (2002)
Issue (Month): 3 ()
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- Conniffe, D., 2002. "A New System of Consumer Demand Equations," Economics, Finance and Accounting Department Working Paper Series n1140402, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
- Prof. Denis Conniffe, 2002. "A New System of Consumer Demand Equations," NIRSA Working Paper Series 4, National Institute for Regional and Spatial Analysis (NIRSA), NUI Maynooth, Ireland..
- Datta, Bipasa & Dixon, Huw, 2000. "Linear-homothetic preferences," Economics Letters, Elsevier, vol. 69(1), pages 55-61, October.
- Denis Conniffe, 2007. "Generalised Means of Simple Utility Functions with Risk Aversion," Economics, Finance and Accounting Department Working Paper Series n1790907.pdf, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
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