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 ...

Shape invariance is a property of demand functions that is widely used for parametric and semiparametric modeling and is associated with a commonly employed class of equivalence scale models used for ...

The construction of a multiattribute utility function is an important step in decision analysis. One of the most widely used conditions for constructing the utility function is the assumption of ...

Demand is what the consumer can and is willing to buy at a given price over a given time period. Analyzing demand is a complicated process that takes into account many variables. Economists and ...