Полуполе с обобщенным сложением: основные свойства и некоторые приложения в экономике
Relation between curvature and the elasticity of substitution is the old question important for economic theory. Opinions of economists concerning presence or absence of a link between these two concepts radically diverge. Also now there is a steady trend of the use of the Arrow-Pratt coefficient of relative risk aversion and the coefficient of relative prudence as characteristics of utility functions and production functions even in non-stochastic models, and these two coefficients are also commonly interpreted as measures of curvature. The purpose of the paper is to contribute to clarification of the links between all these concepts. We suggest a simple unifying approach based on the notions of prototype functions and osculating curves. In framework of this approach we easily derive the classic geometric curvature and show the relations between the Arrow-Pratt coefficient, the prudence coefficient, the elasticity and the elasticity of substitution. As an example, demonstrating the role of such relations in economic models, we study a simple macroeconomic model with a non-homothetic production function.
This volume contains the proceedings of the International Workshop on Tropical and Idempotent Mathematics, held at the Independent University of Moscow, Russia, from August 26-31, 2012. The main purpose of the conference was to bring together and unite researchers and specialists in various areas of tropical and idempotent mathematics and applications. This volume contains articles on algebraic foundations of tropical mathematics as well as articles on applications of tropical mathematics in various fields as diverse as economics, electroenergetic networks, chemical reactions, representation theory, and foundations of classical thermodynamics. This volume is intended for graduate students and researchers interested in tropical and idempotent mathematics or in their applications in other areas of mathematics and in technical sciences
Properties of increasing positively homogeneous functions are studied; in particular, their representations by use of tropical inner products with coefficients chosen from tropical support sets are described. An application to a model of economic complementarityand weak links is developed. It is shown that weak links do not necessary bound total factor productivity from below but in some cases constraint it from above.
We introduce the notion of the tropical matrix pattern, which provides a powerful tool to investigate tropical matrices. The above approach is then illustrated by the application to the study of the properties of the Gondran–Minoux rank function. Our main result states that up to a multiplication of matrix rows by non-zero constants the Gondran–Minoux independence of the matrix rows and that of the rows of its tropical pattern are equivalent.
We also present anumber of applications of our main result. In particular, we showthat the problem of checking whether the Gondran–Minoux rank of a matrix is less than a given positive integer can be solved in a polynomial time in the size of the matrix. Another consequence of our main result states that the tropical rank, trop(A), and the determinantal rank, d(A), of tropical matrices satisfy the following inequalities: trop(A) ≥ √GMr(A), d(A) ≥ √GMr(A), trop(A) ≥ (d(A)+2)/3. As an important corollary of this result we obtain that if one of these functions is bounded then the other two are also bounded unlike the situation with the factor and Kapranov ranks.
The new economic-mathematical model based on complex variables theory and the new approach to complex variables usage in economics are suggested in the article. The comparison of modeling results of actual production processes using Cobb-Douglass production function and complex variables production function is conducted. It is shown that the instrumental base of economicmathematical methods can be widen with usage of complex variables theory.
In the present paper the game theory is applied to an important open question in economics: providing microfoundations for often-used types of production function. Simple differential games of bargaining are proposed to model a behavior of workers and capital-owners in processes of formation of a set of admissible factor prices or participants’ weights (moral-ethical assessments). These games result, correspondingly, in a factor price curve and a weight curve – structures dual to production function. Ultimately, under constant bargaining powers of the participants, the Cobb-Douglas production function is received.
Selected works of George Kleiner on economics and mathematics in occasion of his 70th birthday.