This paper proposes a tractable alternative to Cobb-Douglas utility to resolve the problems of lack of reservation price and income effects in demand functions derived from Cobb-Douglas utility or quasilinear utility. Another advantage of this althernative is that it provides a closed-form general equilibrium in the case where some industries are monopoly while others are imperfectly competitive.
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Paper provided by La Trobe - Department of Economics in its series Papers with number
00.10.
Find related papers by JEL classification: B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
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