Learn how utility functions derive demand functions and their role in maximizing consumer satisfaction and economic decision making.

Understand the key differences between marginal utility and marginal benefit—how they affect pricing, consumer behavior, and decision making in economics.

Decision theory is a cornerstone of economic analysis, providing a framework for understanding how individuals and institutions make choices under conditions of uncertainty and risk. At its core, the ...

A new functional form of the response probability for a qualitative response model is proposed. The new model is flexible enough to avoid the constraint of independence from irrelevant alternatives, ...