Topic
Marshallian demand function
About: Marshallian demand function is a research topic. Over the lifetime, 20 publications have been published within this topic receiving 109 citations.
Papers
TL;DR: In this article, the authors use line integral theory to lay out in a more general theoretical framework the conditions under which it is possible to measure with market data the welfare effects of a change in a nonmarket good.
Abstract: We use line integral theory to lay out in a more general theoretical framework the conditions under which it is possible to measure with market data the welfare effects of a change in a nonmarket good. We present in detail a numerical method of measuring the value of nonmarket goods using market data, under either weak neutrality or weak complementarity. Our numerical method is more flexible than the existing analytical method because it can be used with any well-behaved Marshallian demand function, and can be used even when the willig condition does not hold.
16 citations
TL;DR: This result clarifies the scope and limitations of the partial-equilibrium analysis in terms of agents' characteristics within the two-good setting and proposes a weaker concept of well-behavedness.
8 citations
TL;DR: In this paper, the authors derive the form of the utility function that is consistent with the assumption that the marginal utility of mone'y (expenditure) is invariant with respect to the prices the consumer has to pay.
Abstract: Ever since the publication of Principles (Marshall, 1890), the Marshallian assumption that the marginal utility of money is constant has been the source of many debates and confusions. Consequently, the Marshallian demand function has been interpreted in different ways by different authors. Some of the exponents of the Marshallian demand theory (e.g. Samuelson, 1942; Green, 1971) assume a Paretian framework, in which the consumer shops for the day with a predetermined expenditure level. They derive the form of the utility function that is consistent with the assumption that the marginal utility of mone'y (expenditure) is invariant with respect to the prices the consumer has to pay. This is essentially a Paretian exercise, the origin of
7 citations
Posted Content•
22 Mar 2014
TL;DR: In this paper, a new approach for customer decision function in business process simulation was presented, where the decision of the customer is based on Marshallian demand function and customer utility function using Cobb-Douglas preferences.
Abstract: Business simulations are useful tools due to the fact that it eases management decision making. No doubt there are many processes which must be considered and simulated. Therefore, such business simulator is often composed of many processes and contains many agents and interrelations as well. Since the business simulator based on multi-agent system is characterized by many interrelations within, this article deals with a specific part of the business simulator only – a demand function and its modeling. The aim of this partial research is to suggest demand function which would be most suitable for the business simulation. In this paper a new approach for customer decision function in business process simulation was presented. The decision of the customer is based on Marshallian demand function and customer utility function using Cobb-Douglas preferences. The results obtained by means of the MAREA simulation environment proved that this approach yields correct simulation results.
6 citations
Related Topics (5)
Performance Metrics
| Year | Papers |
|---|---|
| 2017 | 1 |
| 2015 | 3 |
| 2014 | 4 |
| 2007 | 1 |
| 2006 | 2 |
| 2004 | 1 |