Demand without Utility: The First Evidence
Drew Zhu ()
2016 Papers from Job Market Papers
According to the new attribute theory that is based on but different than Lancasterâs attribute theory, the paper builds a linear programming model of minimizing food cost subject to four nutrient requirements and derives a system of food demand functions from this model with a programming method. This derivation is independence of any utility function and at least is an exception of the utility theory. The programming method, which is neither a parametric nor a typically non-parametric method, allows us to thoroughly understand the mechanism of demandâs formation. The conclusion implies that the new attribute theory and the programming method might be an alternative approach to utility theory and the related estimation methods to derive the demand system.
JEL-codes: C61 D01 D11 D12 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hme, nep-ore and nep-upt
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