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Analysis of Reciprocity and Substitution Theorems, and Slutsky Equation

Author

Listed:
  • Haradhan Kumar Mohajan

    (Premier University, Chittagong, Bangladesh)

Abstract

The mathematical techniques are considered here to explain the economical problems. This article deals with the Substitution and Reciprocity Theorems for the various commodities. Finally, it also has considered the Slutsky Equation for the minimization of the prices and the budget constraints. The study has included analysis of some explicit examples to clarify the concepts of the results. The aim of this paper is to make the mathematical concepts interesting to the economists. An attempt has been taken here to discuss the problems in some detailed mathematical analysis in an elegant manner.

Suggested Citation

  • Haradhan Kumar Mohajan, 2017. "Analysis of Reciprocity and Substitution Theorems, and Slutsky Equation," Noble International Journal of Economics and Financial Research, Noble Academic Publsiher, vol. 2(3), pages 54-75, March.
  • Handle: RePEc:nap:nijefr:2017:p:54-75
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    References listed on IDEAS

    as
    1. Jamal Nazrul Islam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2009. "Preference of Social Choice in Mathematical Economics," Indus Journal of Management & Social Science (IJMSS), Department of Business Administration, vol. 3(1), pages 18-38, June.
    2. Stanca, Luca, 2009. "Measuring indirect reciprocity: Whose back do we scratch?," Journal of Economic Psychology, Elsevier, vol. 30(2), pages 190-202, April.
    3. Cassels,J. W. S., 1981. "Economics for Mathematicians," Cambridge Books, Cambridge University Press, number 9780521286145.
    4. R. C. Geary, 1950. "A Note on "A Constant-Utility Index of the Cost of Living"," Review of Economic Studies, Oxford University Press, vol. 18(1), pages 65-66.
    5. repec:ksb:journl:v:2:y:2009:i:1:p:42-66 is not listed on IDEAS
    6. John S. Chipman & Jean-S├ębastien Lenfant, 2002. "Slutsky's 1915 Article: How It Came to Be Found and Interpreted," History of Political Economy, Duke University Press, vol. 34(3), pages 553-597, Fall.
    7. Jamal Nazrul Islam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2009. "Political Economy and Social Welfare with Voting Procedure," KASBIT Business Journals (KBJ), Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 2, pages 42-66, December.
    8. Robert Sproule & Ambrose Leung, 2007. "Using the compensating and equivalent variations to define the Slutsky Equation under a discrete price change," Economics Bulletin, AccessEcon, vol. 4(11), pages 1-9.
    9. Christian Weber, 2002. "Linearity, Slutsky symmetry, and a conjecture of Hicks," Economics Bulletin, AccessEcon, vol. 4(12), pages 1-5.
    10. repec:ebl:ecbull:v:4:y:2002:i:12:p:1-5 is not listed on IDEAS
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    More about this item

    Keywords

    Indifference Hypersurface; Lagrange Multiplier; Utility Function; Reciprocity and Substitution Theorems; Slutsky Equation;

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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