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Psychophysical foundations of the Cobb–Douglas utility function

Rossella Argenziano and Itzhak Gilboa

Economics Letters, 2017, vol. 157, issue C, 21-23

Abstract: 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)
Date: 2017
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