A tractable alternative to Cobb-Douglas utility for imperfect competition
AbstractThis 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 alternative 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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Bibliographic InfoPaper provided by School of Economics, La Trobe University in its series Working Papers with number 2000.10.
Length: 16 pages
Date of creation: 2000
Date of revision:
Utility Function; Reservation Price; Income Effect; Monopoly; Oligopoly;
Other versions of this item:
- Yin, Xiangkang, 2001. "A Tractable Alternative to Cobb-Douglas Utility for Imperfect Competition," Australian Economic Papers, Wiley Blackwell, vol. 40(1), pages 14-21, March.
- 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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- Christina M. L. Kelton & Robert P. Rebelein, 2007.
"A General-Equilibrium Analysis of Public Policy for Pharmaceutical Prices,"
Journal of Public Economic Theory,
Association for Public Economic Theory, vol. 9(2), pages 285-318, 04.
- Kelton, Christina M.L. & Rebelein, Robert P., 2005. "A General-Equilibrium Analysis of Public Policy for Pharmaceutical Prices," Vassar College Department of Economics Working Paper Series 78, Vassar College Department of Economics.
- Kris de Jaegher, 2007.
"Benchmark Two-Good Utility Functions,"
07-09, Utrecht School of Economics.
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