Isoelastic Utility

Isoelastic Utility

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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. In economics, the isoelastic function for utility, also known as the isoelastic utility function, constant relative risk aversion utility function, or power utility function, is used to express utility in terms of consumption or some other economic variable that a decision-maker is concerned with.where is consumption, the associated utility, and is a non-negative constant. Since additive constant terms in objective functions do not affect optimal decisions, the term -1 in the numerator can be, and usually is, omitted (except when establishing the limiting case of log(c) as below).show more

Product details

  • Paperback | 60 pages
  • 152 x 229 x 4mm | 100g
  • Psychopublishing
  • United States
  • English
  • black & white illustrations
  • 6136214083
  • 9786136214085