Weber-Fechner’s Law and Demand Function
نویسنده
چکیده
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(x1, x2, · · · , xn) = u1(x1) + u2(x2) + · · · + un(xn), which give the relation of the demand function in the form pi = dui/dxi. The explicit quantitative form of each utility function, which is suggested by the Weber-Fechner’s law, becomes ui(xi) = Ai log(xi/x (0) i ). Then we obtain each demand function in the familiar form pi = Ai/xi. §
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