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Duality and the Geometry of the Income and Substitution Effects

Author

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  • 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, College of Business and College of Finance, 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
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    References listed on IDEAS

    as
    1. Lionel McKenzie, 1957. "Demand Theory Without a Utility Index," Review of Economic Studies, Oxford University Press, vol. 24(3), pages 185-189.
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    Citations

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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

    More about this item

    Keywords

    duality; income/substitution effect; expenditure function;

    JEL classification:

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

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