In economics, Constant elasticity of substitution (CES) is a property of some production functions and utility functions.
More precisely, it refers to a particular type of aggregator function which combines two or more types of consumption, or two or more types of productive inputs into an aggregate quantity. This aggregator function exhibits constant elasticity of substitution.
Read more about Constant Elasticity Of Substitution: CES Production Function, CES Utility Function
Famous quotes containing the words constant, elasticity and/or substitution:
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