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Produktbild: Utility and Production
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Utility and Production Theory and Production

Aus der Reihe Contributions to Economics
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Beschreibung

Produktdetails

Einband

Taschenbuch

Erscheinungsdatum

13.11.2002

Verlag

Physica

Seitenzahl

204

Maße (L/B/H)

23,5/15,5/1,1 cm

Gewicht

335 g

Auflage

Second Edition 2003

Sprache

Englisch

ISBN

978-3-7908-1423-1

Beschreibung

Produktdetails

Einband

Taschenbuch

Erscheinungsdatum

13.11.2002

Verlag

Physica

Seitenzahl

204

Maße (L/B/H)

23,5/15,5/1,1 cm

Gewicht

335 g

Auflage

Second Edition 2003

Sprache

Englisch

ISBN

978-3-7908-1423-1

Herstelleradresse

Physica Verlag
Tiergartenstr. 17
69121 Heidelberg
DE

Email: [email protected]

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  • Produktbild: Utility and Production
  • I: Utility and Consumer Demand Analysis.- 1 Theory of Utility and Consumer Behaviour: A Comprehensive Review of Concepts, Properties and the Most Significant Theorems.- 1.1 Theory of Utility.- 1.2 Preference, Choice and Indifference Concept and Utility Function Existence.- 1.3 Properties of the Utility Function.- 1.3.1 Additivity.- 1.3.2 Homogeneity.- 1.3.3 Homotheticity.- 1.3.4 Weak and Strong Separability.- 1.4 Basic Theory (Primal)• Marshallian (or Walrasian) Demand Functions.- 1.4.1 Properties of the Marshallian (or Walrasian) Demand Functions.- 1.5 Consumer Equilibrium (Dual): Hicksian (or Compensated) Demand Functions.- 1.5.1 Properties of the Hicksian (or Compensated) Demand Functions.- 1.6 Indirect Utility Function.- 1.7 Expenditure Function.- 1.8 Restrictions of the Demand Systems.- 1.8.1 Engel Aggregation Condition.- 1.8.2 Cournot Aggregation Condition.- 1.8.3 Homogeneity Condition.- 1.8.4 Symmetry or Integrability Condition.- 1.8.5 Negativity Condition.- 1.9 Roy’s Identity.- 1.10 Hotelling’s Theorem (or Shephard’s Lemma for Consumers).- 1.11 Relationships between the UMP and the EMP.- 1.12 The Slutsky Equation.- 1.13 Complementary and Substitutive Relationships.- Basic References.- References and Further Reading.- 2 Alternative Theories of Consumer Behaviour.- 2.1 Introduction.- 2.2 Discrete Choice Models.- 2.3 Time Allocation Models.- 2.3.1 Hicks Model.- 2.3.2 Yield-Leisure Model.- 2.3.3 Extended Yield-Leisure Model.- 2.3.4 Goods-Leisure Model with Time Allocation to Goods Consumption.- 2.3.4.1 Becker’s Model.- 2.4 Train-McFadden Synthesis Model.- 2.5 Lancaster’s Consumption Technology Model.- 2.6 Jara-Díaz Model.- 2.6.1 Jara-Díaz and Farah Model (1987).- 2.6.2 Jara-Díaz Model (1998).- 2.7 Models of Consumer Behaviour with Incomplete Information.- 2.8 Revealed Preference Theory.- References.- 3 Main Forms of Utility Functions.- 3.1 The Cobb-Douglas Utility Function.- 3.1.1 Properties.- 3.1.2 Marshallian or Ordinary Demands (Primal).- 3.1.3 The Indirect Utility Function.- 3.1.4 Hicksian or Compensated Demands (Dual).- 3.1.5 The Expenditure Function.- 3.1.6 Elasticities, Engel Curves and Expenditure Share Functions.- 3.2 The Utility Function of the Constant Elasticity of Substitution (CES).- 3.2.1 Marshallian Demands.- 3.2.2 The Indirect Utility Function.- 3.2.3 Hicksian Demands.- 3.2.4 The Expenditure Function.- 3.2.5 Application to the Particular CES Utility Function.- 3.2.5.1 The Indirect Utility Function.- 3.2.5.2 The Expenditure Function.- 3.2.5.3 Hicksian Demands.- 3.2.5.4 The Own, Cross and Income Elasticity of the CES Demand System.- 3.2.5.5 Restrictions of CES Demand Systems.- 3.3 The Quasi-linear Utility Functions.- 3.3.1 Marshallian Demands.- 3.3.2 The Indirect Utility Function.- 3.3.3 The Expenditure Function.- 3.3.4 Roy’s Identity.- 3.3.5 Hotelling’s Theorem: Hicksian Demand Functions.- 3.3.6 Application to the Particular Quasi-linear Utility Function.- 3.3.6.1 The Marshallian Demand.- 3.3.6.2 Restrictions of the Quasi-linear Demand System.- Recommended Reading.- 4 Study of the Econometric Applications: Demand Functions and Systems.- 4.1 Demand Functions.- 4.2 Application I for Demand Functions: Walrasian (or Marshallian) Demand Functions for Interurban Passenger Transport.- 4.2.1 Model.- 4.2.2 Data.- 4.2.3 Walrasian (or Marshallian) Demands for Interurban Passenger Transport: Air and Road Transport.- 4.2.3.1 Air Transport Demand.- 4.2.3.2 Road Transport Demand.- 4.2.4 Results of the Empirical Research.- 4.3 Complete Demand Systems.- 4.3.1 Linear Expenditure System (LES).- 4.3.2 Almost Ideal Demand System.- 4.3.3 Diewert Demand Model.- 4.3.4 Translog Demand Model.- 4.4 Application II for Demand Systems: Estimation of an Almost Ideal Demand System (AIDS): Particular Disaggregation for the Main Transport Services.- 4.4.1 Model: Almost Ideal Demand System.- 4.4.2 Data.- 4.4.3 Estimation of the Model.- 4.4.4 Conclusions.- Basic References.- References and Further Reading.- II: Production and Firm Supply Analysis.- 5 Theory of Production, Cost and Behaviour of the Firm: A Comprehensive Reformulation.- 5.1 Theory of the Firm.- 5.2 Production Possibility Set and Existence of Production Function.- 5.3 Properties of Production Function.- 5.3.1 Efficiency.- 5.3.2 Differentiability and Continuity.- 5.3.3 Strict Quasi-concavity.- 5.4 The Firm’s Equilibrium: Classic Demand, Profit and Direct Supply Functions.- 5.4.1 Profit Maximisation.- 5.4.2 Properties of Input Classic Demand and Output Direct Supply Functions.- 5.4.2.1 Decreasing.- 5.4.2.2 Existence.- 5.4.2.3 Homogeneity.- 5.4.2.4 Symmetry.- 5.4.2.5 Negativity.- 5.4.2.6 Negative Semi-definite.- 5.4.3 Profit Function.- 5.4.4 Properties of the Profit Function: Hotelling’s Theorem.- 5.4.4.1 Non-decreasing.- 5.4.4.2 Homogeneity.- 5.4.4.3 Convexity.- 5.4.4.4 Continuity.- 5.4.4.5 Hotelling’s Theorem.- 5.5 The Firm’s Equilibrium (Primal A).- 5.6 The Firm’s Equilibrium (Primal B): Marshallian Demand and Indirect Supply Functions.- 5.6.1 Output Maximisation.- 5.6.2 Properties of the Input Marshallian Demand and Indirect Supply Functions.- 5.6.2.1 Decreasing.- 5.6.2.2 Existence.- 5.6.2.3 The Lagrange Coefficient P).- 5.6.2.4 Homogeneity.- 5.6.2.5 Negativity.- 5.6.2.6 Symmetry.- 5.6.2.7 Negative Semi-definite.- 5.6.2.8 Roy’s Identity.- 5.7 The Firm’s Equilibrium: Input Classic Demand and Output Direct Supply Functions.- 5.7.1 Loss Minimisation.- 5.7.2 Properties of Input Classic Demand and Output Direct Supply Functions.- 5.7.3 Loss and Input Classic Demand Functions: Hotelling’s Theorem.- 5.8 The Firm’s Equilibrium (Dual A).- 5.9 The Firm’s Equilibrium (Dual B): Input Conditioned Demand and Cost Functions.- 5.9.1 Cost Minimisation.- 5.9.2 Properties of the Input Conditioned Demand.- 5.9.2.1 Non-decreasing.- 5.9.2.2 Existence.- 5.9.2.3 Homogeneity.- 5.9.2.4 The Lagrange Coefficient (µ).- 5.9.2.5 Negativity.- 5.9.2.6 Symmetry.- 5.9.2.7 Negative Semi-definite.- 5.9.3 Properties of Cost Function: Shephard’s Lemma.- 5.9.3.1 Increase.- 5.9.3.2 Homogeneity.- 5.9.3.3 Concavity.- 5.9.3.4 Continuity.- 5.9.3.5 Shephard’s Lemma.- 5.10 Diagrammatic Representation of the Main Relationships.- 5.11 Joint Production.- 5.11.1 Income Maximisation.- 5.11.2 Input Minimisation.- 5.12 Short-Run.- 5.12.1 Short-Run and Single Production.- 5.12.2 Short-Run and Joint Production.- 5.13 Reflections on the Main Relationships Designed.- 5.14 The Elasticity of Substitution.- Basic References.- References and Further Reading.- 6 Alternative Theories on Companies.- 6.1 Baumol’s Sales Income Maximisation Model.- 6.2 Marri’s Production Volume Maximisation Model.- 6.3 Cooperative Company Model.- 6.4 Behavioural Models of the Company.- 6.5 Company Models Based on Transaction Cost Economy.- References.- 7 Main Forms of Production and Cost Functions.- 7.1 The Cobb-Douglas Production Function.- 7.1.1 Characterisation.- 7.1.2 The Marginal Rate of Technical Substitution (MRTS).- 7.1.3 The Elasticity of Substitution.- 7.1.4 Returns to Scale.- 7.1.5 The Profit Function and Input Demand Functions.- 7.1.6 Hotelling’s Theorem.- 7.1.7 The Cost Function and Input Conditioned Demand Functions.- 7.1.8 Shephard’s Lemma.- 7.1.9 LRAC and LRMC Curves.- 7.1.10 Applying the Duality.- 7.2 The CES Production Function.- 7.2.1 The Marginal Rate of Technical Substitution (MRTS).- 7.2.2 Returns to Scale.- 7.2.3 The Elasticity of Substitution.- 7.2.4 The Output Supply Function and Input Demand Functions.- 7.2.5 The Cost Function and Input Conditioned Demand Functions.- 7.2.6 The LRAC and LRMC.- 7.2.7 Applying the Duality.- Recommended Reading.- 8 Study on Econometric Applications: Production and Cost Functions.- 8.1 Production Functions.- 8.2 Application III for Production Functions: Analysis of the Returns to Scale, Elasticities of Substitution and Behaviour of Shipping Production.- 8.2.1 The Model.- 8.2.2 Data.- 8.2.3 Empirical Results.- 8.3 Cost Function.- 8.4 Other Empirical Functions.- 8.5 Application IV for Cost Functions: Elasticities of Substitution and Behaviour of Shipping Costs.- 8.5.1 Model.- 8.5.2 Data.- 8.5.3 Empirical Results.- 8.5.4 Summary and Conclusions.- Basic References.- References and Further Reading.- III: Uncertainty.- 9 Utility, Production and Uncertainty.- 9.1 Introduction.- 9.2 First Stage in the Development of Utility Theory Under Conditions of Uncertainty: the Principle of Expected Value.- 9.3 Second Stage in the Development of Utility Theory Under Conditions of Uncertainty: the Principle of Expected Utility.- 9.4 Third Stage in the Development of Utility Theory Under Conditions of Uncertainty: Von Neumann-Morgenstern Utility Function.- 9.5 Individuals’ Attitudes to Risk.- 9.6 Production and Uncertainty.- 9.7 Critiques of the Theory of Expected Utility and the Theory of Limited Rationality.- 9.7.1 Violation of the Axiom of Independence.- 9.7.2 Violation of the Transitivity Axiom.- References.