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A tractable alternative to Cobb-Douglas utility for imperfect competition

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Author Info

  • Xiangkang Yin

    ()
    (School of Economics, La Trobe University)

Abstract

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 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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File URL: http://www.latrobe.edu.au/__data/assets/pdf_file/0006/130866/2000.10.pdf
File Function: First version, 2000.10.pdf
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Bibliographic Info

Paper provided by School of Economics, La Trobe University in its series Working Papers with number 2000.10.

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Length: 16 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:trb:wpaper:2000.10

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Related research

Keywords: Utility Function; Reservation Price; Income Effect; Monopoly; Oligopoly;

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Cited by:
  1. 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.
  2. K.J.M. De Jaegher, 2007. "Benchmark two-good utility functions," Working Papers 07-09, Utrecht School of Economics.
  3. Clemens Fuest & Martin Kolmar, 2013. "Endogenous free riding and the decentralized user-fee financing of spillover goods in a n-region economy," International Tax and Public Finance, Springer, vol. 20(2), pages 169-191, April.

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