A Tractable Alternative to Cobb-Douglas Utility for Imperfect Competition.

This paper proposes a tractable alternative to Cobb-Douglas utility to resolve the problems of lack of reservation price and income effects in demand functions derived from Cobb-Douglas utility or quasilinear utility. Another advantage of this alternative is that it provides a closed-form general equilibrium in the case where some industries are monopoly while others are imperfectly competitive. Copyright 2001 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia