Title :
Functional form for utility, demand systems, and the aggregate consumption function
Author :
Lluch, Constantino
Author_Institution :
International Bank for Recontruction and Development, NW, Washington DC-USA
fDate :
8/1/1973 12:00:00 AM
Abstract :
Alternative utility specifications are imbedded in a simple calculus of variations problem to obtain complete sets of demand equations and their associated aggregate consumption function. In three cases, the resulting consumption functions are linear in prices and income with no intercept. For parameter identification, empirical work should be based upon the underlying demand systems.
Keywords :
Economics; Utility theory; Aggregates; Automatic control; Calculus; Costs; Equations; History; Notice of Violation; Optimal control; Physics computing;
Journal_Title :
Automatic Control, IEEE Transactions on
DOI :
10.1109/TAC.1973.1100353