Graduate Thesis Or Dissertation
 

A geometric interpretation of substitutable, independent, and complementary commodities in consumption

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  • The primary purpose of this thesis is to offer a geometric interpretation of substitutable, independent, and complementary commodities in consumption. The definitions of these concepts have been controversial. In this thesis, Hicks' definitions are adopted. As these definitions are dependent on properties of the substitution effect term in the Slutsky equation, this equation is derived and the theory leading up to the derivation is summarized. The equivalence of Hick's verbal and mathematical definitions is established in the case of three commodities. Using these definitions both two - and three-dimensional diagrams of substitutes, independents, and complements are given. Hayek's interpretation of Hicks' verbal definitions is reviewed and supplemented with the writer's interpretation. Finally an example of a utility function which exhibits substitutable and independent commodities is given.
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file details ShepardLonnieBlair1967.pdf 2017-08-02 Öffentlich Herunterladen