Diewert, Walter E. (contributor) - 2001 - [Elektronische Ressource]
consumption of X units of a composite “other”
commodity to give the consumer an overall utility of u = Ut(X,Z) in period t, where …
Ut is the period t “macro” utility function. Rosen (1974; 38) normalized the price of
X to be unity. We will not do … this; instead, we will have an explicit period t price , pt,
for one unit of the general consumption commodity X.
We start …