This paper proposes a tractable alternative to Cobb-Douglas utility to resolve the problems of lack of reservation price and income effects in demand functions derived from Cobb-Douglas utility or quasilinear utility. Another advantage of this alternative is that it provides a closed-form...

This paper proposes a tractable alternative to Cobb-Douglas utility to resolve the problems of lack of reservation price and income effects in demand functions derived from Cobb-Douglas utility or quasilinear utility. Another advantage of this alternative is that it provides a closed-form...

This paper proposes a tractable alternative to Cobb-Douglas utility to resolve the problems of lack of reservation price and income effects in demand functions derived from Cobb-Douglas utility or quasilinear utility. Another advantage of this alternative is that it provides a closed-form...

This article assesses the relevance of the Christian faith for economics. It argues that faith in the Trinity provides the basic pattern for the market system - a system that puts radically different and independent agents into a positive and fruitful relationship. As a result of being patterned...

We argue that with interdependent utility functions growth can lead to a decline in total welfare of a society if the gains from growth are sufficiently unequally distributed in the presence of negative externalities, i.e., envy

We argue that with interdependent utility functions growth can lead to a decline in total welfare of a society if the gains from growth are sufficiently unequally distributed in the presence of negative externalities, i.e., envy.

By taking sets of utility functions as a primitive description of agents, we define an ordering over assumptions on utility functions that gauges their implicit measurement requirements. Cardinal and ordinal assumptions constitute two types of measurement requirements, but several standard...

Since 1950s, most African nations have gained independence from their colonial powers. Fortunately, independence has brought many changes to these nations and these include multi-party democratic government and western education systems. Unfortunately, the Africa’s economy is the least...

In this paper, the amount of income redistribution in the United States, the European Union, and Switzerland is compared and empirically related to economic, political, and behavioral determinants elaborated in the literature. Lying in between the two poles, Switzerland provides unique evidence...

In this paper, the amount of income redistribution in the United States, the European Union, and Switzerland is compared and empirically related to economic, political, and behavioral determinants elaborated in the literature. Lying in between the two poles, Switzerland provides unique evidence...