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Weber-Fechner's Law and Demand Function | | K. Shigemoto
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28 Mar 2003 | | Journal: | Tezukayama Academic Review, Vol.9, p.41-46, 2002 | | Subject: | General Physics | physics.gen-ph | | Abstract: | We apply the Weber-Fechner’s law, which represents the relation between the magnitude of physical stimulus and the magnitude of psychological sense in human being, to the utility function. We conclude that the utility function of n-types of goods is of separable type u(x_1,x_2,..., x_n)=u_1(x_1)+u_2(x_2)+... +u_n(x_n), which give the relation of the demand function in the form p_i=d u_i/d x_i. The explicit quantitative form of each utility function, which is suggested by the Weber-Fechner’s law, becomes u_i(x_i)=A_i log (x_i/x^{(0)}_i). Then we obtain each demand function in the familiar form p_i=A_i/x_i. | | Source: | arXiv, physics/0303118 | | Services: | Forum | Review | PDF | Favorites | |
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