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Duality and the Geometry of the Income and Substitution Effects

Author

Listed:
  • Michael J. Panik

    (Faculty of Economics, University of Hartford, U.S.A.)

Abstract

The geometry of the Hicks-Slutsky income and substitution effect is framed in terms of the consumers expenditure function and expenditure equation and thus can be studied with-out resorting to the indifference map of a direct utility function.

Suggested Citation

  • Michael J. Panik, 2002. "Duality and the Geometry of the Income and Substitution Effects," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 1(3), pages 225-233, December.
    • Handle: RePEc:ijb:journl:v:1:y:2002:i:3:p:225-233
    as

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    File URL: https://ijbe.fcu.edu.tw/assets/ijbe/past_issue/No.01-3/pdf/vol_1-3-4.pdf
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    File URL: https://ijbe.fcu.edu.tw/assets/ijbe/past_issue/No.01-3/abstract/04.html
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    References listed on IDEAS

    as
    1. Lionel McKenzie, 1957. "Demand Theory Without a Utility Index," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 24(3), pages 185-189.
    2. Fuss, Melvyn & McFadden, Daniel, 1978. "Production Economics: A Dual Approach to Theory and Applications (II): Applications of the Theory of Production," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 2, number fuss1978a.
    3. Fuss, Melvyn & McFadden, Daniel (ed.), 1978. "Production Economics: A Dual Approach to Theory and Applications," Elsevier Monographs, Elsevier, edition 1, number 9780444850133.
    4. Fuss, Melvyn & McFadden, Daniel, 1978. "Production Economics: A Dual Approach to Theory and Applications (I): The Theory of Production," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 1, number fuss1978.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Robert Sproule & Ambrose Leung, 2007. "Using the compensating and equivalent variations to define the Slutsky Equation under a discrete price change," Economics Bulletin, AccessEcon, vol. 4(11), pages 1-9.
    2. repec:ebl:ecbull:v:4:y:2007:i:11:p:1-9 is not listed on IDEAS

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    More about this item

    Keywords

    duality; income/substitution effect; expenditure function;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D6 - Microeconomics - - Welfare Economics

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