{"product_id":"9780387968537","title":"The Generalized Fechner-Thurstone Direct Utility Function and Some of its Uses","description":"\u003cp\u003eIn this book the foundations and applicability of the Generalized Fechner-Thurstone Utility Function are laid out. It is shown how by removing the constraint of fixed preferences in the neoclassical consumer theory, utility theory can be used to develop non-parametric indices along with elasticities of the marginal rates of substitutions. It is also shown that whereas the existence of a fixed preference utility function is not always guaranteed for different demand functions, there will always exist at least one Generalized Fechner-Thurstone Direct Utility Function. Furthermore, analysis using the Fechner-Thurstone Direct Utility Function is clear and simple and does not rely on ad hoc Taylor expansions. The construction of different true-cost-of-living indices, the comparison of North American consumers, and a habit formation model are developed to show the usefulness of the Generalized Fechner-Thurstone Direct Utility Function.\u003c\/p\u003e","brand":"Springer New York","offers":[{"title":"Default Title","offer_id":47025078108400,"sku":"9780387968537","price":109.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9780387968537_p0.jpg?v=1763696097","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9780387968537","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}