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:	Computer Science
Online Access:	https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85012893742&origin=inward http://cmuir.cmu.ac.th/jspui/handle/6653943832/57127
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Institution:	Chiang Mai University

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spelling	th-cmuir.6653943832-571272018-09-05T03:35:18Z How to explain ubiquity of constant elasticity of substitution (CES) production and utility functions without explicitly postulating CES Olga Kosheleva Vladik Kreinovich Thongchai Dumrongpokaphan Computer Science © 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. 2018-09-05T03:35:18Z 2018-09-05T03:35:18Z 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/6653943832/57127
institution	Chiang Mai University
building	Chiang Mai University Library
country	Thailand
collection	CMU Intellectual Repository
topic	Computer Science
spellingShingle	Computer Science 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/6653943832/57127
_version_	1681424820661649408

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

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