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Stone–Geary Utility Function
The Stone–Geary utility function takes the form :U = \prod_ (q_i-\gamma_i)^ where U is utility, q_i is consumption of good i, and \beta and \gamma are parameters. For \gamma_i = 0, the Stone–Geary function reduces to the generalised Cobb–Douglas function. The Stone–Geary utility function gives rise to the Linear Expenditure System. In case of \sum_i \beta_i =1 the demand function equals :q_i = \gamma_i + \frac (y - \sum_j \gamma_j p_j) where y is total expenditure, and p_i is the price of good i. The Stone–Geary utility function was first derived by Roy C. Geary, in a comment on earlier work by Lawrence Klein and Herman Rubin. Richard Stone Sir John Richard Nicholas Stone (30 August 1913 – 6 December 1991) was an eminent British economist, educated at Westminster School and Gonville and Caius College and King's College at the University of Cambridge. In 1984, he was awarded t ... was the first to estimate the Linear Expenditure System. References Further ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a single consumer's preference ordering over a choice set but is not comparable across consumers. This concept of utility is personal and based on choice rather than on pleasure received, and so is specified more rigorously than the original concept but makes it less useful (and controversial) for ethical decisions. Utility function Consider a set of alternatives among which a person can make a preference ordering. The utility obtained from these alternatives is an unknown function of the utilities obtained from each alternative, not the sum of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roy C
Roy Charles Hammond (August 3, 1939 – September 16, 2020), better known as Roy C or Roy "C", was an American southern soul singer, songwriter and record executive, best known for his 1965 hit, "Shotgun Wedding". Another song, " Impeach the President", which he recorded and produced with a high school group, the Honey Drippers, has had one of the most sampled drum tracks in hip hop music. Life and career Roy Hammond was born in Newington, Georgia. He began singing tenor with The Genies, a vocal group in Long Beach, Long Island, who were later offered a recording contract by record producer Bob Shad. Their first single, "Who's That Knockin'", reached number 72 on the ''Billboard'' Hot 100 chart in 1958, with Claude Johnson—later of the duo Don and Juan—on lead vocal. The group then moved to Atlantic Records, with Hammond taking over as lead singer, but their recordings were not released, and he was drafted into the Air Force. Solo career and record labels When he returned ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Review Of Economic Studies
''The Review of Economic Studies'' (also known as ''REStud'') is a quarterly peer-reviewed academic journal covering economics. It was established in 1933 by a group of economists based in Britain and the United States. The original editorial team consisted of Abba P. Lerner, Paul Sweezy, and Ursula Kathleen Hicks. It is published by Oxford University Press. The journal is widely considered one of the top 5 journals in economics. It is managed by the editorial board currently chaired by Nicola Fuchs-Schündeln (Goethe University Frankfurt). The current joint managing editors are Thomas Chaney (Sciences Po), Andrea Galeotti (London Business School), Nicola Gennaioli (Bocconi University), Veronica Guerrieri (University of Chicago), Kurt Mitman (Institute for International Economic Studies, Stockholm University), Francesca Molinari (Cornell University), Uta Schönberg (University College London), and Adam Szeidl (Central European University). According to the ''Journal Citation Repor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lawrence Klein
Lawrence Robert Klein (September 14, 1920 – October 20, 2013) was an American economist. For his work in creating computer models to forecast economic trends in the field of econometrics in the Department of Economics at the University of Pennsylvania, he was awarded the Nobel Memorial Prize in Economic Sciences in 1980 specifically "for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies." Due to his efforts, such models have become widespread among economists. Harvard University professor Martin Feldstein told the Wall Street Journal that Klein "was the first to create the statistical models that embodied Keynesian economics," tools still used by the Federal Reserve Bank and other central banks. Life and career Klein was born in Omaha, Nebraska, the son of Blanche (née Monheit) and Leo Byron Klein. He went on to graduate from Los Angeles City College, where he learned calculus; the University of California ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Herman Rubin
Herman may refer to: People * Herman (name), list of people with this name * Saint Herman (other) * Peter Noone (born 1947), known by the mononym Herman Places in the United States * Herman, Arkansas * Herman, Michigan * Herman, Minnesota * Herman, Nebraska * Herman, Pennsylvania * Herman, Dodge County, Wisconsin * Herman, Shawano County, Wisconsin * Herman, Sheboygan County, Wisconsin Place in India * Herman (Village) Other uses * ''Herman'' (comic strip) * ''Herman'' (film), a 1990 Norwegian film * Herman the Bull, a bull used for genetic experiments in the controversial lactoferrin project of GenePharming, Netherlands * Herman the Clown ( fi, Pelle Hermanni), a Finnish TV clown from children's TV show performed by Veijo Pasanen * Herman's Hermits, a British pop combo * Herman cake (also called Hermann), a type of sourdough bread starter or Amish Friendship Bread starter * ''Herman'' (album) by 't Hof Van Commerce See also * Hermann (other) * Ar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Stone
Sir John Richard Nicholas Stone (30 August 1913 – 6 December 1991) was an eminent British economist, educated at Westminster School and Gonville and Caius College and King's College at the University of Cambridge. In 1984, he was awarded the Nobel Memorial Prize in Economic Sciences for developing an accounting model that could be used to track economic activities on a national and, later, an international scale. Early life Richard Stone was born in London, UK on 30 August 1913. He received an English upper middle class education when he was a child as he attended Cliveden Place and Westminster School. However, he had not been taught mathematics and science until secondary school. When he was 17 years old, he followed his father to India as his father was appointed as a judge in Madras. From India, he visited many Asian countries: Malaya, Singapore, and Indonesia. After travelling for one year, he went back to London and studied at Gonville and Caius College, Cambridge in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Linear Expenditure
Linearity is the property of a mathematical relationship (''function'') that can be graphically represented as a straight line. Linearity is closely related to '' proportionality''. Examples in physics include rectilinear motion, the linear relationship of voltage and current in an electrical conductor (Ohm's law), and the relationship of mass and weight. By contrast, more complicated relationships are ''nonlinear''. Generalized for functions in more than one dimension, linearity means the property of a function of being compatible with addition and scaling, also known as the superposition principle. The word linear comes from Latin ''linearis'', "pertaining to or resembling a line". In mathematics In mathematics, a linear map or linear function ''f''(''x'') is a function that satisfies the two properties: * Additivity: . * Homogeneity of degree 1: for all α. These properties are known as the superposition principle. In this definition, ''x'' is not necessarily a real nu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Journal
''The Economic Journal'' is a peer-reviewed academic journal of economics published on behalf of the Royal Economic Society by Oxford University Press. The journal was established in 1891 and publishes papers from all areas of economics.The editor-in-chief is Francesco Lippi (Libera Università Internazionale degli Studi Sociali Guido Carli & Einaudi Institute of Economics and Finance). According to the Journal Citation Reports, the journal has a 2020 impact factor of 3.178. History Introduction The journal was conceived in November 1890, at the inauguration of the British Economic Association (which became the Royal Economic Society in 1902). One of the central aims of the new society was to create a forum through which British economic research could be published. In a circular sent out before the inaugural meeting, Alfred Marshall, one of the founding members of the society, indicated the significant impact a new journal would have on British economic science: ''...the ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
