Establishing preference functions for macroeconomic decision models: Some observations on Ragnar Frisch's contributions |
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Authors: | Leif Johansen |
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Affiliation: | Institute of Economics, University of Oslo, Blindern-Oslo, Norway |
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Abstract: | The article reviews Ragnar Frisch's contributions to solving the problem of establishing preference functions for macroeconomic decision models, and compares Frisch's approach with other possible approaches to the problem. The article mainly considers linear and quadratic preference functions. In discussing the methodology attention is drawn to the analogy with problems in the analysis of consumer demand. |
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