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Analysis of Reciprocity and Substitution Theorems, and Slutsky Equation
14 Jan 2017-Vol. 2, Iss: 3, pp 54-75
TL;DR: In this paper, the Substitution and Reciprocity Theorems for the various commodities have been discussed and the Slutsky Equation for the minimization of the prices and the budget constraints.
Abstract: The mathematical techniques are considered here to explain the economical problems. This article deals with the Substitution and Reciprocity Theorems for the various commodities. Finally, it also has considered the Slutsky Equation for the minimization of the prices and the budget constraints. The study has included analysis of some explicit examples to clarify the concepts of the results. The aim of this paper is to make the mathematical concepts interesting to the economists. An attempt has been taken here to discuss the problems in some detailed mathematical analysis in an elegant manner.
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26 Sep 2012
TL;DR: In this paper, the authors have discussed the economic development in the 21st century and the challenges faced by the modern economy in terms of green accounting, optimization in economics, voting system, game theory and health valuation.
Abstract: At the end of the 20th century and in the beginning of the 21st century there is an enormous change in global economy. At the same time with competitive economy the industrialized countries emit greenhouse gases which cause global climate change. Day by day the life expectancy increases and economic competitions of the nations change due to open economy. Again the natural calamities such as cyclone, earthquake and tsunami comparatively increase due to global warming, which decrease economic development. So that in the 21st century economy faces with difficult challenges. The net national product, sustainability and social welfare economy, green accounting, optimization in economics, voting system, game theory and health valuation due to environment pollution are parts and parcel of modern economy. The work is prepared considering the economic development emphasizing the above topics.
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References
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01 Jan 1947
TL;DR: Recent statistical techniques, including nonlinear programming, have been added to a basic survey of equilibrium systems, comparative statistics, consumer behavior theory, and cost and production theory as discussed by the authors, and they have been used in a variety of applications.
Abstract: Recent statistical techniques, including nonlinear programming, have been added to a basic survey of equilibrium systems, comparative statistics, consumer behavior theory, and cost and production theory.
4,532 citations
"Analysis of Reciprocity and Substit..." refers background in this paper
...Perhaps P. A. Samuelson is one of the first who has argued that Slutsky’s symmetry result seems to apply only for differential size changes in prices (Samuelson, 1947)....
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...Samuelson is one of the first who has argued that Slutsky’s symmetry result seems to apply only for differential size changes in prices (Samuelson, 1947)....
[...]
TL;DR: Recent statistical techniques, including nonlinear programming, have been added to a basic survey of equilibrium systems, comparative statistics, consumer behavior theory, and cost and production theory as discussed by the authors, and they have been used in a variety of applications.
Abstract: Recent statistical techniques, including nonlinear programming, have been added to a basic survey of equilibrium systems, comparative statistics, consumer behavior theory, and cost and production theory.
321 citations
275 citations
"Analysis of Reciprocity and Substit..." refers background in this paper
...Geary has shown that if demand curves are to be linear in income and the prices of other goods, then the utility function must take the specific functional form (Geary, 1950)....
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...R. C. Geary has shown that if demand curves are to be linear in income and the prices of other goods, then the utility function must take the specific functional form (Geary, 1950)....
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TL;DR: In this paper, the authors examined both generalized indirect reciprocity (if A helps B then B helps C) and social indirect reciprocation in a setting where reciprocal behavior cannot be explained by strategic motivations, using a treatment for direct reciprocity as a benchmark.
114 citations
"Analysis of Reciprocity and Substit..." refers background in this paper
...Reciprocity plays an important role in several economic interactions because, the expectation that future benefits will be distributed by another agent (Stanca, 2007)....
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TL;DR: In this article, the Russian statistician and economist Eugen Slutsky sent off from Kiev an article to the Giornale degli economisti that was translated and published in the July issue of that journal: “Sulla teoria del bilancio del consumatore.
Abstract: In 1915 the Russian statistician and economist Eugen Slutsky sent off from Kiev an article to the Giornale degli economisti that was translated and published in the July issue of that journal: “Sulla teoria del bilancio del consumatore.” This article passed unnoticed. As is now well known, Slutsky’s article is one of the most famous examples of those neglected and ignored works whose originality and importance are recognized only after similar results have been obtained by others.
54 citations