dorsal/arxiv
View SchemaWeber-Fechner's Law and Demand Function
| Authors | K. Shigemoto |
|---|---|
| Categories | |
| ArXiv ID | physics/0303118 |
| URL | https://arxiv.org/abs/physics/0303118 |
| Journal | Tezukayama Academic Review, Vol.9, p.41-46, 2002 |
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.
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"abstract": "We apply the Weber-Fechner\u0027s law, which represents the relation between the\nmagnitude of physical stimulus and the magnitude of psychological sense in\nhuman being, to the utility function. We conclude that the utility function of\nn-types of goods is of separable type u(x_1,x_2,..., x_n)=u_1(x_1)+u_2(x_2)+...\n+u_n(x_n), which give the relation of the demand function in the form p_i=d\nu_i/d x_i. The explicit quantitative form of each utility function, which is\nsuggested by the Weber-Fechner\u0027s law, becomes u_i(x_i)=A_i \\log\n(x_i/x^{(0)}_i). Then we obtain each demand function in the familiar form\np_i=A_i/x_i.",
"arxiv_id": "physics/0303118",
"authors": [
"K. Shigemoto"
],
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"physics.gen-ph"
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"journal_ref": "Tezukayama Academic Review, Vol.9, p.41-46, 2002",
"title": "Weber-Fechner\u0027s Law and Demand Function",
"url": "https://arxiv.org/abs/physics/0303118"
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