The code provided appears to implement the following:
Let $\Delta$ be a set containing $\delta_1, ..., \delta_i, ..., \delta_J$. In the original code, this would refer to Table[Subscript[δ,i],{i,1,J}]
.
Let $S = \binom{\Delta}{J-j}$. This is the set of all distinct combinations of $J-j$ members of $\Delta$. This is based on this math.SE answer. In the original code, this would refer to Subsets[..., {J-j}]
.
The expression given is then: $\sum_{U \in S} \prod_{v \in U} v$. This is based on another math.SE answer. In the original code, this is the Apply[Plus,Times@@@ ...]
part, though the translation into sums and products is perhaps not as clean as this might seem to make it.
A more direct implementation of this last step might look like:
Sum[Product[v, {v, u}], {u, Subsets[Table[Subscript[δ,i], {i, 1, J}], {J-j}]}]
Which is functionally identical but perhaps easier to reason about. For example, it should be relatively clear that Product[v, {v, u}]
is equivalent to Times @@ u
, and then instead of summing over the subsets all of the subsets can have Times
applied at once with @@@
and Apply[Plus,...]
can be used in place of Sum
.