Logarithmically homogeneous preferences

Mitsunobu Miyake

Journal of Mathematical Economics, 2016, vol. 67, issue C, 1-9

Abstract: An extended-real-valued function on R+n is called logarithmically homogeneous if it is given by the logarithmic transformation of a homogeneous function on R+n. Specifying a consumer’s preference on the consumption set by a difference comparison relation, this paper provides some axioms on the relation under which the full class of utility functions representing the relation are logarithmically homogeneous. It is also shown that all the utility functions are strongly concave and all the indirect utility functions are logarithmically homogeneous. Moreover, the additively separable logarithmic utility functions are derived by strengthening one of the axioms.

Keywords: Difference comparison; Intensity comparison; Logarithmically homogeneous utility function; Additively separable logarithmic utility function; Stone’s price index (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:67:y:2016:i:c:p:1-9

DOI: 10.1016/j.jmateco.2016.08.005

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