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Dimensional Analysis of Production and Utility Functions in Economics

Author

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  • Kim, Minseong

Abstract

This paper explores dimensional analysis of production and utility functions in economics. As raised by Barnett, dimensional analysis is important in consistency checks of economics functions. However, unlike Barnett's dismissal of CES and Cobb-Douglas production functions, we will demonstrate that under constant return-to-scale and other assumptions, production function can indeed be justified dimensionally. And then we consider utility functions.

Suggested Citation

  • Kim, Minseong, 2015. "Dimensional Analysis of Production and Utility Functions in Economics," MPRA Paper 61147, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:61147
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    File URL: https://mpra.ub.uni-muenchen.de/61147/1/MPRA_paper_61147.pdf
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    More about this item

    Keywords

    dimensional analysis; production function; utility function; consistency in economics;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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