This is basically a Cobb–Douglas utility function, isn't it? https://en.wikipedia.org/wiki/Cobb%E2%80%93Douglas_production_function?wprov=sfla1
This is basically a Cobb–Douglas utility function, isn't it?
https://en.wikipedia.org/wiki/Cobb%E2%80%93Douglas_production_function?wprov=sfla1
well both functions involve convex indifference curves with diminishing MRS, but this model is constrained to 0 <= {x,y} <= 1, which is very important to the intuitions behind the design
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This is basically a Cobb–Douglas utility function, isn't it?
https://en.wikipedia.org/wiki/Cobb%E2%80%93Douglas_production_function?wprov=sfla1
well both functions involve convex indifference curves with diminishing MRS, but this model is constrained to 0 <= {x,y} <= 1, which is very important to the intuitions behind the design