1. An indifference curve is defined as a set of bundles that a consumer with a given income can afford, and among which she or he is indifferent. 2. More is preferred to less means that if the total ...

Six experiments are described that use magnitude estimation methods to characterize a nonlinear (approximately square root) utility function for money. These same methods can be used to assign ...

This article examines the advantages of estimating a third-order rather than a second-order translog utility function in a theoretical and empirical context. It is demonstrated that the rigor of tests ...