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There are two parts of the Slutsky equation, namely the substitution effect and income effect. In general, the substitution effect is negative. Slutsky derived this formula to explore a consumer's response as the price of a commodity changes. When the price increases, the budget set moves inward, which also causes the quantity demanded to decrease.
Slutsky is principally known for work in deriving the relationships embodied in the Slutsky equation widely used in microeconomic consumer theory for separating the substitution effect and the income effect of a price change on the total quantity of a good demanded following a price change in that good, or in a related good that may have a cross-price effect on the original good quantity.
In probability theory, Slutsky's theorem extends some properties of algebraic operations on convergent sequences of real numbers to sequences of random variables. [ 1 ] The theorem was named after Eugen Slutsky . [ 2 ]
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The result in the article is not known as Slutsky's Theorem (that is a different result), but rather Slutsky's Lemma. The two results are cited often enough that the distinction should be made. — Preceding unsigned comment added by 98.223.197.174 ( talk ) 16:34, 2 January 2013 (UTC) [ reply ]
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