The Anomalies Of The Wold-Juréen (1953) Functional Form In Overview

Robert Sproule

MPRA Paper from University Library of Munich, Germany

Abstract: Both the Wold-Juréen (1953) utility function and the Wold-Juréen (1953) production function have played a central role in the modelling and the analysis of the Giffen behavior. Using an amalgam of these two functions, this paper defines the Wold-Juréen (1953) functional form, and then compares its properties to the properties of the arbitrary functional form, in an effort to provide a global perspective on the unique nature of the Wold-Juréen (1953) functional form. This paper then reports: (a) that the domain of the Wold-Juréen (1953) functional form (or the first functional form) is a subset of the domain of the arbitrary functional form (or the second functional form), (b) that the signs of the second derivatives of the Wold-Juréen (1953) functional form (or the first functional form) are the opposite of the signs of the second derivatives of the arbitrary functional form (or the second functional form), and (c) that (within the context of the unconstrained-maximization problem) the Wold-Juréen (1953) functional form (or the first functional form) is not concave, whereas the arbitrary functional form (or the second functional form) is concave.

Keywords: Wold-Juréen (1953) functional form; Arbitrary functional form; Giffen behavior; Consumer theory; Producer theory (search for similar items in EconPapers)
JEL-codes: A22 A23 D11 D21 (search for similar items in EconPapers)
Date: 2023-07-05
New Economics Papers: this item is included in nep-his and nep-upt
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