Accumulation and consumptionin microeconomic system

Sergey Amelkin ()

Interdisciplinary Description of Complex Systems - scientific journal, 2004, vol. 2, issue 2, 119-125

Abstract: Two main processes are common for an economic system. They are consumption and accumulation. The first one is described by utility function, either cardinal or ordinal one. The mathematical model for accumulation process can be constructed using wealth function introduced within the frame of irreversible microeconomics. Characteristics of utility and wealth functions are compared and a problem of extreme performance of resources exchange process is solved for a case when both the consumption and accumulation exist. Classification-ACM-1998: J.4; Social and behavioral sciences - Sociology

Keywords: irreversible microeconomics; accumulation; consumption; wealth function; maximum income determination problem (search for similar items in EconPapers)
Date: 2004
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