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- W1483992032 abstract "Let V(X) be any direct utility function characterizing consumer preferences that are reflexive, transitive, and complete, and whose parameters are fixed relative to the usual linear budget constraint p X = M. Here X designates the vector (X1,.. ., X,) and is confined to the positive n-orthant; Xi designates quantity of the ith commodity; p is the vector (P,, ...,pn) of positive commodity prices; and M designates total expenditure. Let X(p, M) designate the system of demand functions derived from V(X) subject to pX = M, which possess the properties of zero degree homogeneity, symmetry, and semidefinite negativity. Let W( X; 0) designate a direct utility function with (a) parameter vector 0 dependent on the price vector p that appears in the budget constraint and (b) that rationalizes the same system of demand functions as V(X), namely, X(p, M). Probably, many economists who have considered price-dependent preferences' would conjecture that every such price-dependent utility function W(X; p) satisfying (a) and (b) is of the rather restricted form" @default.
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- W1483992032 date "1983-01-01" @default.
- W1483992032 modified "2023-09-23" @default.
- W1483992032 title "Budget Constraint Prices as Preference Changing Parameters of Generalized Fechner-Thurstone Direct Utility Functions" @default.
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