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Utility Function Explained: Definition, How to Calculate, Examples

A utility function measures a consumer’s preference and satisfaction with different goods or services. As part of rational choice theory, it helps economists analyze how consumers make decisions to ...
Simon Fraser University

I: Preferences and Utility

1. An indifference curve is defined as a set of bundles that a consumer with a given income can afford, and among which she or he is indifferent. 2. More is preferred to less means that if the total ...
JSTOR Daily

An open economy general equilibrium model with heterogeneous producers, a homothetic utility function and endogenous elasticity

This is a preview. Log in through your library . Abstract Recent monopolistic competition models have identified three main sources of the gains from trade: (1) the introduction of new varieties for ...
Harvard Business School

A Theorem on the Identifiability of the von Neumann-Morgenstern Utility Function from Asset Demands

Green, Jerry R., Lawrence J. Lau, and Heraklis Polemarchakis. "A Theorem on the Identifiability of the von Neumann-Morgenstern Utility Function from Asset Demands." Economics Letters 1, no. 3 (1978): ...
JSTOR Daily

The Equilibrium Manifold Keeps the Memory of Individual Demand Functions

Vol. 24, No. 3, General Equilibrium, Incomplete Markets and Sunspots: A Symposium in Honor of David Cass (Oct., 2004), pp. 493-501 (9 pages) It is shown that the property that the equilibrium manifold ...