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A Recurrent Utility Function of Fictitious Generality

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  • Paris, Quirino
  • Caputo, Michael R.

Abstract

For the past twenty-five years, Dusansky and his associated co-authors have published a longseries of papers which are based on the same price-dependent utility function. The alleged price dependence, however, is fictitious in the sense that the level of exogenous money income can replace the commodity prices. The consequence is that the demand functions derived from Dusansky's utility function are identical and observationally equivalent to the demand functions obtained from a prototypical utility function. Since all the market and environmental effects are revealed only through the demand functions, the specification and use of a utility function such as that used by Dusansky is irrelevant and uninformative for the analysis of any economic problem where prices enter the consumer utility function and whose goal is the detection of the effects of price-dependent preferences on the demand for real goods.

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File URL: http://purl.umn.edu/11971
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Bibliographic Info

Paper provided by University of California, Davis, Department of Agricultural and Resource Economics in its series Working Papers with number 11971.

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Date of creation: 1999
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Handle: RePEc:ags:ucdavw:11971

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Web page: http://www.agecon.ucdavis.edu/
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Keywords: Demand and Price Analysis;

References

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  1. Dusansky, Richard & Kalman, Peter J, 1976. "The Foundations of Money Illusion in a Neoclassical Micro-Monetary Model: Reply," American Economic Review, American Economic Association, vol. 66(1), pages 192-95, March.
  2. Kalman, Peter J & Dusansky, Richard & Wickstrom, Bengt-Arne, 1974. "On the Major Slutsky Properties When Money Is the Sole Medium of Exchange," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(3), pages 718-28, October.
  3. Dusansky Richard & Wilson Paul W., 1993. "The Demand for Housing: Theoretical Considerations," Journal of Economic Theory, Elsevier, vol. 61(1), pages 120-138, October.
  4. Howitt, Peter & Patinkin, Don, 1980. "Utility Function Transformations and Money Illusion: A Further Comment," American Economic Review, American Economic Association, vol. 70(4), pages 819-22, September.
  5. Dusansky, Richard, 1980. "Utility Function Transformations and Money Illusion: Reply and Further Results," American Economic Review, American Economic Association, vol. 70(4), pages 823-25, September.
  6. Cliff Lloyd, 1964. "The Real-Balance Effect and the Slutsky Equation," Journal of Political Economy, University of Chicago Press, vol. 72, pages 295.
  7. Dusansky, Richard & Kalman, Peter J, 1974. "The Foundations of Money Illusion in a Neoclassical Micro-Monetary Model," American Economic Review, American Economic Association, vol. 64(1), pages 115-22, March.
  8. Dusansky, Richard, 1989. "The Demand for Money and Goods in the Theory of Consumer Choice with Money," American Economic Review, American Economic Association, vol. 79(4), pages 895-901, September.
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