New Thoughts About Inferior Goods.
This paper presents what is apparently the first published specific utility function, together with its associated demand functions to illustrate the case of a commodity with a negatively sloping income consumption curve. This specific utility function can be subjected to a monotonic transformation...
| Publicado en: | American Economic Review Vol. 59; no. 5; pp. 931 - 935 |
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| Formato: | Artículo |
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American Economic Association
Dec69
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4504814&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4504814 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00028282 AER jtl: American Economic Review issn: 00028282 maglogo: N pubinfo: dt: Dec69 vid: 59 iid: 5 pid: 22 pub: American Economic Association artinfo: ui: 4504814 ppf: 931 ppct: 4 formats: tig: atl: New Thoughts About Inferior Goods. aug: au: Liebhafsky, H. H. affil: University of Texas, Austin. su: Consumer goods Utility functions Consumption (Economics) Demand function Income Marginal utility Monotonic functions Curves sug: subj: Consumer goods Utility functions Consumption (Economics) Demand function Income Marginal utility Monotonic functions Curves ab: This paper presents what is apparently the first published specific utility function, together with its associated demand functions to illustrate the case of a commodity with a negatively sloping income consumption curve. This specific utility function can be subjected to a monotonic transformation by squaring it, such a transformation leaves the demand functions unchanged and will produce an illustration of the case of an inferior good based on an assumption of dependence of the marginal utilities. The analysis in the article provides an answer to the question of the type of utility function necessary to produce a case of an income consumption curve for a good which is normal at low levels of income but inferior at high levels of income, as depicted in several price theory books. If the utility index is additive, such a case must involve the existence of one commodity with decreasing marginal utility and another whose marginal utility function first decreases, next reaches a minimum and then increases. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1969 holdings: @attributes: islocal: N |
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