Utility foundation of a Cobb-Douglas demand function with more than two attributes, consumer surplus and social welfare computation

Régis Y. Chenavaz and Stanko Dimitrov

Applied Economics, 2024, vol. 56, issue 56, 7575-7581

Abstract: The utility foundation of the Cobb-Douglas demand function is known for the one and two attributes cases. It is unknown in the case of three or more attributes, a regular need for modellers. In this article, we contribute by founding from a programme of (quasi-linear) utility maximization a Cobb-Douglas demand function of an arbitrary large number of attributes. We also contribute by providing simple formulas for consumer surplus and social welfare. By generalizing previous results, our research offers a normative foundation to a larger class of demand functions.

Date: 2024
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DOI: 10.1080/00036846.2023.2288040

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