A person who abstracts goods into vectors of characteristics.
- Kelvin John Lancaster
- mathematical economist
- Theory of the Second Best with Richard Lipsey
- Lipsey, R. G.; Lancaster, Kelvin (1956). “The General Theory of Second Best”. Review of Economic Studies. 24 (1): 11–32. doi:10.2307/2296233. JSTOR 2296233.
- Lancaster was also active in developing the calculus of qualitative economics
- Lancaster, Kelvin (1962). “The Scope of Qualitative Economics”. Review of Economic Studies. 29 (2): 99–123. doi:10.2307/2295817. JSTOR 2295817
- Kelvin J. Lancaster, 1968. Mathematical Economics, Macmillan.
- formulating the household production function,
- and applying the hedonic model to the estimation of housing prices.
- In Lancaster1966, Lancaster developed what he called a “new theory of consumer demand”
- consumers are seeking to acquire is not goods themselves but the characteristics they contain
- Lancaster, Kelvin J. (1966). “A New Approach to Consumer Theory”. Journal of Political Economy. 74 (2): 132–157. doi:10.1086/259131. JSTOR 1828835
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