Psychophysical foundations of the Cobb–Douglas utility function
Rossella Argenziano and
Itzhak Gilboa ()
Economics Letters, 2017, vol. 157, issue C, 21-23
Relying on a literal interpretation of Weber’s law in psychophysics, we show that a simple condition of independence across good categories implies the Cobb–Douglas preferences.
Keywords: Cobb–Douglas; Weber’s law; Semi-order (search for similar items in EconPapers)
JEL-codes: D11 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:157:y:2017:i:c:p:21-23
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