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A Tractable Alternative to Cobb‐Douglas Utility for Imperfect Competition

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  • Xiangkang Yin

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 althernative is that it provides a closed‐form general equilibrium in the case where some industries are monopoly while others are imperfectly competitive.

Suggested Citation

  • Xiangkang Yin, 2001. "A Tractable Alternative to Cobb‐Douglas Utility for Imperfect Competition," Australian Economic Papers, Wiley Blackwell, vol. 40(1), pages 14-21, March.
    • Handle: RePEc:bla:ausecp:v:40:y:2001:i:1:p:14-21
    DOI: 10.1111/1467-8454.00109
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    Cited by:

    1. Kris De Jaegher, 2008. "Benchmark Two‐Good Utility Functions," Manchester School, University of Manchester, vol. 76(1), pages 44-65, January.
    2. 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, April.
    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;International Institute of Public Finance, vol. 20(2), pages 169-191, April.

    More about this item

    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 - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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