Fractional demand systems are utility derived demands having quantities or budget shares proportional to ag + bf, where g and f are functions of income and a and b vary across goods and are functions ...

They provide three contributions. First, they provide an explicit connection between the form of the utility function and the graphical presentation of the indifference curves, budget constraints, and ...

In smart grid, demand side management is the main component that adapts elastic demand to fluctuating generations. Classical demand theory is a branch of microeconomics and it is about the study of ...

Important tools in this theory are utility functions and two constraints i.e., physical and budget constraint. In this paper, two models for demand response are analyzed based on the well known ...