A New Approach to Consumer Theory

@article{Lancaster1966ANA,
  title={A New Approach to Consumer Theory},
  author={K. Lancaster},
  journal={Journal of Political Economy},
  year={1966},
  volume={74},
  pages={132 - 157}
}
m TIHE theory of consumer behavior in deterministic situations as set out by, say, Debreu (1959, 1960) or Uzawa (1960) is a thing of great aesthetic beauty, a jewel set in a glass case. The product of a long process of refinement from the nineteenth-century utility theorists through Slutsky and Hicks-Allen to the economists of the last twenty-five years,1 it has been shorn of all irrelevant postulates so that it now stands as an example of how to extract the minimum of results from the minimum… Expand
Imperfect Knowledge and the New Theory of Demand
  • D. Auld
  • Economics
  • Journal of Political Economy
  • 1972
In the conventional, simple analysis of demand theory, a consumer is confronted with the task of maximizing his utility in consuming two or more goods subject to a budget restraint. It is usuallyExpand
A MODEL OF EQUILIBRIUM WITH DIFFEREN’I’IATRD COMMODITIES*
The equilibrium theory associated with the names of Arrow and Debreu [see Debreu (1959), Arrow and Hahn (1971)] contemplates a world with a finite number of homogeneous and perfectly divisibleExpand
On the limits of markets
  • G. Hodgson
  • Economics
  • Journal of Institutional Economics
  • 2020
Abstract This is a review essay of Markets without Limits by Jason Brennan and Peter M. Jaworski and of The Invisible Hand? by Bas van Bavel. From different perspectives, both books focus on theExpand
Combined References
  • Journal of Political Economy
  • 1974
Aigner, D. "An Appropriate Econometric Framework for Estimating a Labor Supply Function from the SEO File." Madison: Soc. Systems Res. Inst., Univ. Wisconsin, 1971. Alchian, Armen A., and Demsetz,Expand
PRODUCT QUALITY AND THE LAW OF DEMAND 2 Product Quality and the Law of Demand : An Example of early $ 2 . 5 Gold Coins
This article suggests that the Slutsky analysis should be extended so that quality is included in the consumer's utility function as a continuous variable. When quality is included in the consumer'sExpand
Carl Menger's Grundsätze as a Foundation for Contemporary Entrepreneurship Research
This paper takes the subjective value theory, conception of economic goods, and the hierarchy of needs from Carl Menger’s _Grundsatze der Volkswirtschaftslehre_ (1871) to elaborate a model ofExpand
An ordinal regression approach for analyzing consumer preferences in the art market
TLDR
An ordinal regression analysis model is developed for studying the preferences of artistic goods buyers using a large set of auction data from the Art Deco furniture market and considers several different criteria that may influence buyers’ preferences. Expand
Price, Quality, and Market Share
To understand the behavior of firms and to assess the degree of competition among firms, we need information on the demand function faced by the firm. Despite this, little published work has beenExpand
The demand for labour in South Africa : a theoretical and empirical approach
Nearly five million South Africans were unemployed in 2002 and creating employment opportunities is a difficult challenge. Before this issue can be tackled, however, it is critical to understand theExpand
Social desirability bias in the environmental economic valuation: An inferred valuation approach
Abstract Environmental economic valuation allows to derive values from individuals' behaviour in hypothetical markets, but it is not exempt from certain biases. This work aims to evidence theExpand
...
1
2
3
4
5
...

References

SHOWING 1-10 OF 21 REFERENCES
Consumption Theory in Terms of Revealed Preference
A DECADE ago I suggested that the economic theory of consumer's behaviour can be largely built up on the notion of " revealed.preference ". By comparing the costs of different combinations of goodsExpand
AN AXIOMATIC THEORY OF CONSUMER TIME PREFERENCE
THE CONCEPT of pure time preference of "impatience", which BdhmBawerk [1] and the Austrian school used as the cornerstone of the theory of interest and capital has, in spite of attacks by Knight [4]Expand
Consumption Theorems in Terms of Overcompensation Rather Than Indifference Comparisons
To be of interest a scientific theory must have consequences. Upon hard-boiled examination, the theory of consumer's behaviour turns out not to be completely without interest. By this I mean:Expand
The Expected-Utility Hypothesis and the Measurability of Utility
ThENEWED attention is currently ~ being devoted to a hypothesis LX. about choices involving risk suggested by Gabriel Cramer and Daniel Bernoulli, employed by Alfred Marshall, and recently revived byExpand
Stationary Ordinal Utility and Impatience
This paper investigates Bohm-Bawerk's idea of a preference for advancing the timing of future satisfactions from a somewhat different point of view. It is shown that simple postulates about theExpand
The Empirical Implications of a Utility Tree
The hypothesis considered is that the utility function can be written as U U[VA (qai , * **, qX**, VM(q?1 , , q.,)], where the V's are "branch" utility functions depending on quantities of differentExpand
A Probabilistic Theory of Consumer Behavior
I. The state of affairs, 507. — II. The deficiency of the Complete Ordering Axiom, 508. — III. Redefinition of preference and the choice mechanism, 510. — IV. Intransitivity, 518. — V. ExpectedExpand
Change and Innovation in the Technology of Consumption
Новаторская статья, в которой автор предлагает рассматривать потребление как производство, в котором отдельные товары рассматриваются как ресурсы, представляющие наборы определенных свойств илиExpand
The Scope of Qualitative Economics
A contribution to demand analysis
...
1
2
3
...