A New Approach to Consumer Theory

  title={A New Approach to Consumer Theory},
  author={K. Lancaster},
  journal={Journal of Political Economy},
  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
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  • 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
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  • Economics
  • Journal of Institutional Economics
  • 2020
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