“constant elasticity of substitution”的概念、定义、翻译、参考文献-科学参考

constant elasticity of substitution

Economics

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

$y = k {[δ (x_{1})^{ρ} + [1 - δ] (x_{2})^{ρ}]}^{1 / ρ}$

where y is output or utility, x₁ and x₂ 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, then σ‎ > 1 and the goods are good substitutes; if ρ‎ < 0, then σ‎ < 1 and the goods are poor substitutes. The goods are perfect substitutes if ρ‎ = 1 (‘infinitely large’ elasticity of substitution). The Cobb–Douglas function is the limiting case corresponding to ρ‎ = 0; in this case σ‎ = 1.

单词	constant elasticity of substitution
释义	constant elasticity of substitution Economics 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 $y = k {[δ (x_{1})^{ρ} + [1 - δ] (x_{2})^{ρ}]}^{1 / ρ}$ where y is output or utility, x₁ and x₂ 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, then σ‎ > 1 and the goods are good substitutes; if ρ‎ < 0, then σ‎ < 1 and the goods are poor substitutes. The goods are perfect substitutes if ρ‎ = 1 (‘infinitely large’ elasticity of substitution). The Cobb–Douglas function is the limiting case corresponding to ρ‎ = 0; in this case σ‎ = 1.
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