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ESUB
(redirected from Elasticity of substitution)

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AcronymDefinition
ESUBElasticity of Substitution (economics)


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As pointed out by Correia, Neves, and Rebelo (1995), the ability of this class of models to mimic key international indicators of a small open economy depends crucially on adopting the period utility function, postulated by Greenwood, Hercowitz, and Huffman (GHH) (1988), whereby there is no income effect associated with the household's labor supply decision and the representative household's intertemporal elasticity of substitution in hours worked (or leisure) is zero.
Reexamination of real business cycles in a small open economy by Guo, Jang-Ting; Janko, Zuzana / Southern Economic Journal
These particular results follow under the assumption that the elasticity of substitution between goods is (constant and)less than or equal to one.
Principles of efficient tax law: apocrypha by O'Reilly, Terrance / Virginia Tax Review
Take, for example, a case in which there is not just low but zero elasticity of substitution between labour and capital.
Rethinking labour markets: a critical-realist-socioeconomic ... by Fleetwood, Steve / Capital & Class
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