Stone-Geary utility function
- Stone-Geary utility function
The Stone-Geary utility function takes the form:where is utility, is consumption of good , and and are parameters.
For , the Stone-Geary function reduces to the generalised Cobb-Douglas function.
The Stone-Geary utility function gives rise to the Linear Expenditure System, in which the demand function equals:where is total expenditure, and is the price of good .
The Stone-Geary utility function was first derived by Roy C. Geary in a comment on earlier work by Lawrence Klein and Herman Rubin. Richard Stone was the first to estimate the Linear Expenditure System.
ource
[http://www.ucd.ie/economic/staff/pneary/pdf/geary97.pdf J. Peter Neary (1997), 'R.C. Geary's Contributions to Economic Theory', in D. Conniffe (ed.), "R.C. Geary, 1893-1983: Irish Statistician", Oak Tree Press, Dublin]
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