| 单词 | constant elasticity of substitution |
| 释义 | constant elasticity of substitution = (CES) The property of production or utility functions such that the ratio between proportional changes in relative prices and proportional changes in relative quantities is always the same. A CES function may be written z = k[δxρ + (1 - δ)yρ ]1/ρ, where z is output or utility, x and y are inputs and k is a constant. The ratio of proportional changes in relative quantities to proportional change in relative prices is the elasticity of substitution, σ = 1/(1 - ρ); if 1 > ρ > 0, σ > 1 and the goods are good substitutes; if ρ < 0, σ < 1 and the goods are poor substitutes. The Cobb-Douglas function is the case corresponding to γ = 0; in this case σ = 1. See also: elasticity of substitution |
| 随便看 |
|
英汉经管词典收录了3426条经济管理类英汉双解词条，基本涵盖了经济学、管理学、金融学、会计学、证券期货、商务活动等领域的常用英语单词及短语词组的翻译及用法，是学习及工作的有利工具。