IDEAS home Printed from https://ideas.repec.org/p/wpa/wuwpmi/0412001.html
   My bibliography  Save this paper

Weber-Fechner's Law and Demand Function

Author

Listed:
  • Kazuyasu Shigemoto

    (Tezukayama University)

Abstract

We apply the Weber-Fechner's law, which represents the relation between the magnitude of physical stimulus and the magnitude of psychological sense in human being, to the utility function. We conclude that the utility function of n-types of goods is of separable type u(x_1,x_2,...,x_n)=u_1(x_1)+u_2(x_2)+...+u_n(x_n), which gives the relation of the demand function in the form p_i=d u_i/d x_i. The explicit quantitative form of each utility function, which is suggested by the Weber-Fechner's law, becomes u_i(x_i)=A_i log (x_i/x(0)_i). Then we obtain each demand function in the familiar form p_i=A_i/x_i.

Suggested Citation

  • Kazuyasu Shigemoto, 2004. "Weber-Fechner's Law and Demand Function," Microeconomics 0412001, EconWPA.
  • Handle: RePEc:wpa:wuwpmi:0412001
    Note: Type of Document - tex; pages: 7
    as

    Download full text from publisher

    File URL: http://econwpa.repec.org/eps/mic/papers/0412/0412001.pdf
    Download Restriction: no

    File URL: http://econwpa.repec.org/eps/mic/papers/0412/0412001.ps.gz
    Download Restriction: no

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kazuyasu Shigemoto, 2005. "Weber-Fechner's Law, Demand Function and Related Topics," Microeconomics 0503004, EconWPA.

    More about this item

    Keywords

    Weber-Fechner's law; utility function; demand function;

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D2 - Microeconomics - - Production and Organizations
    • D3 - Microeconomics - - Distribution
    • D4 - Microeconomics - - Market Structure, Pricing, and Design

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpmi:0412001. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA). General contact details of provider: http://econwpa.repec.org .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.