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Sums and Products of Indirect Utility Functions

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  • Conniffe, D.

    (Economics Department and NIRSA NUI Maynooth)

Abstract

There are relatively few known demand systems that are theoretically satisfactory and practically implementable. This paper investigates building more complex demand systems from simpler known ones by considering sums and products of basic utility functions, an approach that does not seem to have been exploited previously in the literature. Some of the systems that result are interesting and usefully extend the range of available functions. Even the simpler systems that are not sufficiently flexible for the analysis of real world consumption data may still be useful for applied general equilibrium studies and for theoretical explication. Although some systems, instead of being new, turn out to be rediscoveries of already known ones, the way in which they arise as combinations of simple components is of interest in itself in showing them as sub sets of wider classes.

Suggested Citation

  • Conniffe, D., 2002. "Sums and Products of Indirect Utility Functions," Economics Department Working Paper Series n1150402, Department of Economics, National University of Ireland - Maynooth.
    • Handle: RePEc:may:mayecw:n1150402
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    References listed on IDEAS

    as
    1. Diewert, Erwin, 2007. "Index Numbers," Economics working papers diewert-07-01-03-08-17-23, Vancouver School of Economics, revised 31 Jan 2007.
    2. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
    3. Conniffe, D., 2002. "A New System of Consumer Demand Equations," Economics Department Working Paper Series n1140402, Department of Economics, National University of Ireland - Maynooth.
    4. 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..
    5. Datta, Bipasa & Dixon, Huw, 2000. "Linear-homothetic preferences," Economics Letters, Elsevier, vol. 69(1), pages 55-61, October.
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    Cited by:

    1. Denis Conniffe, 2006. "Indirect addilog translation of indirect utility functions," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(4), pages 1388-1397, November.
    2. Conniffe, Denis, 2008. "Generalised Means of Simple Utility Functions with Risk Aversion," The Economic and Social Review, Economic and Social Studies, vol. 39(1), pages 1-12.
    3. 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..
    4. Denis Conniffe, 2004. "Generalised Translation of Indirect Utility Functions," Economics Department Working Paper Series n1390804, Department of Economics, National University of Ireland - Maynooth.
    5. Conniffe, D., 2002. "A New System of Consumer Demand Equations," Economics Department Working Paper Series n1140402, Department of Economics, National University of Ireland - Maynooth.

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