El efecto sustitución dentro de la ecuación Slutsky y el nivel de utilidad

Abstract

The "substitution term" of the equation results exclusively from the system obtained by derivating or differentiating the structural system of utility maximization with constant income; then, the "substitution term" is foreign to any income minimizing situation with constant utility, from which results an apparently identical expression with the "substitution term". In those utility functions examined was found that, given the optimizing nature of the system and that the position to which the substitution effect would lead would not be one of equilibrium, it would not be possible -by adjusting the income in order to eliminate the income effect- to keep such a position as the final solution to the affected change. Hence, the "price-compensating variation" – equilibrium obtained as a result of adjusting the income so as to keep the same utility or the possibility of buying the "old" bundle of goods- must no be confused with the substitution effect.