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ACCUMULATION AND CONSUMPTION IN MICROECONOMIC SYSTEM

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Author(s): Serghey A. Amelkin

Journal: Interdisciplinary Description of Complex Systems
ISSN 1334-4684

Volume: 2;
Issue: 2;
Start page: 119;
Date: 2004;
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Keywords: irreversible microeconomics | accumulation | consumption | wealth function | maximum income determination problem

ABSTRACT
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.
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