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Supply function |
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Supply functionThe mathematical function explaining the quantity supplied in terms of its various determinants, including price; thus the algebraic representation of the supply curve.Similar MatchesDixit-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. Utility functionUtility functionA function that specifies the utility (well being) of a consumer for all combinations goods consumed (and sometimes other considerations). Represents both their welfare and their preferences. SMAC functionSMAC functionAn acronym for the CES function based on the names of the four authors who introduced it in Arrow et al. (1961). Conservative Social Welfare FunctionConservative Social Welfare FunctionA social welfare function that takes special account of the costs to individuals of losing relative to the status quo, and that therefore seeks to avoid large losses to significant groups within the population. Due to Corden (1974). Homogeneous functionHomogeneous functionA function with the property that multiplying all arguments by a constant changes the value of the function by a monotonic function of that constant: F(lV)=g(l)F(V), where F(·) is the homogeneous function, V is a vector of arguments, l>0 is any constant, and g(·) is some strictly increasing positive function. Special cases include homogeneous of degree X and linearly homogeneous. Further SuggestionsBergsonian social welfare functionNeoclassical production function Utility function Essential purpose (or function) bond Constant elasticity of substitution function Multifunctionality Probability function CES Function Cobb-Douglas function Production function Teams Cross Functional Demand function Social welfare function Teams Functional Probability density function Reaction function Cost function Translog function Functional distribution of income |
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