Full Price Equation
The simple Price equation was based on the assumption that the characters zi do not change over one generation. If it is assumed that they do change, with zi being the value of the character in the child population, then the full Price equation must be used. A change in character can come about in a number of ways. The following two examples illustrate two such possibilities, each of which introduces new insight into the Price equation.
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“Who makes ends meet, who’s taking the knock,
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