| 单词 | indirect utility function |
| 释义 | indirect utility function A function giving utility as a function of income and prices. In an indirect utility function, utility is expressed as an increasing function of non-work income and the wage rate for work performed, and a decreasing function of the prices of goods and services consumed. This is contrasted with a normal or direct utility function, where utility is an increasing function of goods or services consumed and a decreasing function of work performed. The partial derivative of the indirect utility function with respect to any good's price equals-(quantity consumed) * (marginal utility of income); the partial derivative of the indirect utility function with respect to the wage rate equals (amount of work performed) * (marginal utility of income). |
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