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A new axiomatization of Cobb-Douglas utility functions under Weber's law
I provide a new behavioral foundation for Cobb-Douglas preferences drawing on the psychophysical regularity known as Weber’s law. In particular, I show that, under Weber’s law, Cobb-Douglas preferences are characterized by two novel and compelling axioms. Importantly, the preferences that I characterize are the standard (weak-ordered and strongly monotonic) Cobb-Douglas preferences widely used in consumer theory, thereby complementing prior literature that has instead obtained a semi-ordered and non-monotonic variant thereof.
Date:
3 November 2023, 12:45
Venue:
Manor Road Building, Manor Road OX1 3UQ
Venue Details:
Seminar Room G or https://zoom.us/j/96595245637
Speaker:
Gustav Alexandrie (University of Oxford)
Organising department:
Department of Economics
Part of:
Student Research Workshop in Micro Theory
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Shreyasi Banerjee
