3 ms·
That's evidence for a concave utility function wrt income, not logarithmic per se. But your first link does cite evidence that _if_ utility is CRRA, we are not
by duxut_staglatz 7y ago
That's evidence for a concave utility function wrt income, not logarithmic per se.
But your first link does cite evidence that _if_ utility is CRRA, we are not far from the case where utility is logarithmic