Fractional demand systems are utility derived demands having quantities or budget shares proportional to ag + bf, where g and f are functions of income and a and b vary across goods and are functions ...

In order to investigate the usefulness of the von Neumann-Morgenstern utility concept in an actual decision making context, 30 subjects were interviewed. Their responses to questions were used to ...

1. An indifference curve is defined as a set of bundles that a consumer with a given income can afford, and among which she or he is indifferent. 2. More is preferred to less means that if the total ...