Accumulation and Consumption in Microeconomic SystemsReport as inadecuate

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Interdisciplinary Description of Complex Systems : INDECS, Vol.2 No.2 December 2004. -

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.

irreversible microeconomics; accumulation; consumption; wealth function; maximum income determination problem

Author: Serghey Amelkin - ; Program Systems Institute of the Russian Academy of Sciences, Pereslavl-Zalleskij



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