Utility foundation of a Cobb-Douglas demand function with two attributes

Régis Y. Chenavaz and Isabelle Pignatel

Applied Economics, 2022, vol. 54, issue 28, 3206-3211

Abstract: It is known how to derive, from a utility maximization programme, a Cobb-Douglas demand function depending on the sole product price. This article shows how to derive a Cobb-Douglas demand function, which depends on both the product price and quality. More broadly, it offers a normative foundation, with a quasi-linear utility function, to the use of a Cobb-Douglas demand function of two attributes. It also provides simple measures of consumer surplus and social welfare.

Date: 2022
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DOI: 10.1080/00036846.2021.2005238

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