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Roy's Identity
Roy's identity (named after French economist René Roy) is a major result in microeconomics having applications in consumer choice and the theory of the firm. The lemma relates the ordinary (Marshallian) demand function to the derivatives of the indirect utility function. Specifically, denoting the indirect utility function as v(p,w), the Marshallian demand function for good i can be calculated as :x_^(p,w)=-\frac where p is the price vector of goods and w is income. Derivation of Roy's identity Roy's identity reformulates Shephard's lemma in order to get a Marshallian demand function for an individual and a good (i) from some indirect utility function. The first step is to consider the trivial identity obtained by substituting the expenditure function for wealth or income w in the indirect utility function v (p, w), at a utility of u: :v ( p, e(p, u)) = u This says that the indirect utility function evaluated in such a way that minimizes the cost for achieving a certain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
French People
The French people (french: Français) are an ethnic group and nation primarily located in Western Europe that share a common French culture, history, and language, identified with the country of France. The French people, especially the native speakers of langues d'oïl from northern and central France, are primarily the descendants of Gauls (including the Belgae) and Romans (or Gallo-Romans, western European Celtic and Italic peoples), as well as Germanic peoples such as the Franks, the Visigoths, the Suebi and the Burgundians who settled in Gaul from east of the Rhine after the fall of the Roman Empire, as well as various later waves of lower-level irregular migration that have continued to the present day. The Norse also settled in Normandy in the 10th century and contributed significantly to the ancestry of the Normans. Furthermore, regional ethnic minorities also exist within France that have distinct lineages, languages and cultures such as Bretons in Brittany, Occitans ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
