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Chapter 5 The GFT Utility Function

In: Quantifying Consumer Preferences

Author

Listed:
  • Robert L. Basmann
  • Kathy Hayes
  • Michael McAleer
  • Ian McCarthy
  • Daniel J. Slottje

Abstract

This chapter presents an exposition of the Generalized Fechner–Thurstone (GFT) direct utility function, the system of demand functions derived from it, other systems of demand functions from which it can be derived, and its purpose and the econometric circumstances that motivated its original development. Its use in econometrics is demonstrated by an application to household consumer survey data which explores the relationship between prices, on the one hand, and expected exogenous preference changers such as household size, schooling of heads of household, and other social factors, on the other.

Suggested Citation

  • Robert L. Basmann & Kathy Hayes & Michael McAleer & Ian McCarthy & Daniel J. Slottje, 2009. "Chapter 5 The GFT Utility Function," Contributions to Economic Analysis, in: Quantifying Consumer Preferences, pages 119-147, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:ceazzz:s0573-8555(2009)0000288008
    DOI: 10.1108/S0573-8555(2009)0000288008
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    Keywords

    demand functions;

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