International Journal of Business and Economics Volume 1, No. 3 December, 2002

Duality and the Geometry of the Income and Substitution Effects

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 consumer's expenditure function and expenditure equation and thus can be studied with-out resorting to the indifference map of a direct utility function.

Keywords：duality, income/substitution effect, expenditure function.

JEL Classifications：D1, D6.

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