How to explain ubiquity of constant elasticity of substitution (CES) production and utility functions without explicitly postulating CES

How to explain ubiquity of constant elasticity of substitution (CES) production and utility functions without explicitly postulating CES

© Springer International Publishing AG 2017. In many situations, the dependence of the production or utility on the corresponding factors is described by the CES (Constant Elasticity of Substitution) functions. These functions are usually explained by postulating two requirements: an economically re...

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Main Authors: Olga Kosheleva, Vladik Kreinovich, Thongchai Dumrongpokaphan
Format: Book Series
Published: 2018
Subjects:
Agricultural and Biological Sciences
Online Access:https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85012893742&origin=inward
http://cmuir.cmu.ac.th/jspui/handle/6653943832/46708
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Institution: Chiang Mai University
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spelling th-cmuir.6653943832-467082018-04-25T07:28:16Z How to explain ubiquity of constant elasticity of substitution (CES) production and utility functions without explicitly postulating CES Olga Kosheleva Vladik Kreinovich Thongchai Dumrongpokaphan Agricultural and Biological Sciences © Springer International Publishing AG 2017. In many situations, the dependence of the production or utility on the corresponding factors is described by the CES (Constant Elasticity of Substitution) functions. These functions are usually explained by postulating two requirements: an economically reasonable postulate of homogeneity (that the formulas should not change if we change a measuring unit) and a less convincing CSE requirement. In this paper, we show that the CES requirement can be replaced by a more convincing requirement—that the combined effect of all the factors should not depend on the order in which we combine these factors. 2018-04-25T06:59:43Z 2018-04-25T06:59:43Z 2017-02-01 Book Series 1860949X 2-s2.0-85012893742 10.1007/978-3-319-50742-2_6 https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85012893742&origin=inward http://cmuir.cmu.ac.th/jspui/handle/6653943832/46708
institution Chiang Mai University
building Chiang Mai University Library
country Thailand
collection CMU Intellectual Repository
topic Agricultural and Biological Sciences
spellingShingle Agricultural and Biological Sciences
Olga Kosheleva
Vladik Kreinovich
Thongchai Dumrongpokaphan
How to explain ubiquity of constant elasticity of substitution (CES) production and utility functions without explicitly postulating CES
description © Springer International Publishing AG 2017. In many situations, the dependence of the production or utility on the corresponding factors is described by the CES (Constant Elasticity of Substitution) functions. These functions are usually explained by postulating two requirements: an economically reasonable postulate of homogeneity (that the formulas should not change if we change a measuring unit) and a less convincing CSE requirement. In this paper, we show that the CES requirement can be replaced by a more convincing requirement—that the combined effect of all the factors should not depend on the order in which we combine these factors.
format Book Series
author Olga Kosheleva
Vladik Kreinovich
Thongchai Dumrongpokaphan
author_facet Olga Kosheleva
Vladik Kreinovich
Thongchai Dumrongpokaphan
author_sort Olga Kosheleva
title How to explain ubiquity of constant elasticity of substitution (CES) production and utility functions without explicitly postulating CES
title_short How to explain ubiquity of constant elasticity of substitution (CES) production and utility functions without explicitly postulating CES
title_full How to explain ubiquity of constant elasticity of substitution (CES) production and utility functions without explicitly postulating CES
title_fullStr How to explain ubiquity of constant elasticity of substitution (CES) production and utility functions without explicitly postulating CES
title_full_unstemmed How to explain ubiquity of constant elasticity of substitution (CES) production and utility functions without explicitly postulating CES
title_sort how to explain ubiquity of constant elasticity of substitution (ces) production and utility functions without explicitly postulating ces
publishDate 2018
url https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85012893742&origin=inward
http://cmuir.cmu.ac.th/jspui/handle/6653943832/46708
_version_ 1681422924474482688

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