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SMAC function |
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SMAC functionAn acronym for the CES function based on the names of the four authors who introduced it in Arrow et al. (1961).Similar MatchesUtility functionUtility functionA mathematical expression that assigns a value to all possible choices. In portfolio theory, the utility function expresses the preferences of economic entities with respect to perceived risk and expected return. Cobb-Douglas functionCobb-Douglas functionA popular functional form for production and utility functions. With arguments X = (X1,...,Xn), the function is F(X) = APiXiai, where Siai = 1 and A are positive constants. This function has elasticity of substitution between arguments equal one. As a production or utility function, it has competitive expenditure shares equal to ai. Dixit-Stiglitz functionDixit-Stiglitz functionReally just a symmetric CES function, the innovation of Dixit and Stiglitz (1977) was to allow the number of arguments to be variable. Used originally as a utility function, with elasticity of substitution greater than one the function displays a preference for variety. Used as a component of a production function, the same property implies that costs fall with variety. Essential purpose (or function) bondEssential purpose (or function) bondSee: Public purpose bond Reaction functionReaction functionThe function specifying the choice of a strategic variable by one economic agent as a function of the choice of another agent. Most familiar specifying output choices of firms in a Cournot duopoly. Further SuggestionsUtility functionDemand function Supply function Probability function Social welfare function Constant elasticity of substitution function Neoclassical production function Homogeneous function Production function Cost function Conservative Social Welfare Function Multifunctionality Functional distribution of income Bergsonian social welfare function Translog function Teams Functional Probability density function CES Function Teams Cross Functional |
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