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Constant elasticity of substitution (CES) is a common specification of many production functions and utility functions in neoclassical economics.CES holds that the ability to substitute one input factor with another (for example labour with capital) to maintain the same level of production stays constant over different production levels.
Resilience is a multi-facet property, covering four dimensions: technical, organization, social and economic. [6] Therefore, using one metric may not be representative to describe and quantify resilience. In engineering, resilience is characterized by four Rs: robustness, redundancy, resourcefulness, and rapidity.
In structural engineering, the flexibility method, also called the method of consistent deformations, is the traditional method for computing member forces and displacements in structural systems. Its modern version formulated in terms of the members' flexibility matrices also has the name the matrix force method due to its use of member forces ...
Paul Douglas explained that his first formulation of the Cobb–Douglas production function was developed in 1927; when seeking a functional form to relate estimates he had calculated for workers and capital, he spoke with mathematician and colleague Charles Cobb, who suggested a function of the form Y = AL β K 1−β, previously used by Knut Wicksell, Philip Wicksteed, and Léon Walras ...
where Ur is the modulus of resilience, σy is the yield strength, εy is the yield strain, and E is the Young's modulus. [1] This analysis is not valid for non-linear elastic materials like rubber, for which the approach of area under the curve until elastic limit must be used.
Given a utility function (), where denotes consumption level, the EIS is defined as = ′ ″ Notice that this definition is the inverse of relative risk aversion.. We can define a family of utility functions, which may be understood as inverse CRRA utility: = {() =
Modularity is the degree to which a system's components may be separated and recombined, often with the benefit of flexibility and variety in use. [1] The concept of modularity is used primarily to reduce complexity by breaking a system into varying degrees of interdependence and independence across and "hide the complexity of each part behind an abstraction and interface". [2]
The Connor–Davidson Resilience Scale (CD-RISC) was developed by Kathryn M. Connor and Jonathan R.T. Davidson as a means of assessing resilience. [1] The CD-RISC is based on Connor and Davidson's operational definition of resilience, which is the ability to "thrive in the face of adversity." Since its development in 2003, the CD-RISC has been ...