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Shephard's lemma

Shephard's lemma is a result in microeconomics having applications in the theory of the firm and in consumer choice. The lemma states that if indifference curves of the expenditure or cost function are convex, then the cost-minimizing point of a given good ( i {\displaystyle i} ) with price p i {\displaystyle p_{i}} is unique. The idea is that a consumer…

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Definition

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Shephard's lemma

Nodes29
Edges28
Triples9
Avg. degree1.93
Density0.068966
Components1

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Shephard's lemma

Top relations

related to Application · 5
Shephard's lemma → Hicksian, Marshallian, Roy's, Shephard's, The
related to Definition · 3
Shephard's lemma → Hicksian, In, Shephard's
is a · 1
Shephard's lemma → result in microeconomics having applications in the theory of the firm and in consumer choice

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Important terminology

lemma theory function demand consumer expenditure functions price displaystyle cost shephard's good respect hicksian states given proof utility prices result

Entity relationships Subject–Predicate–Object triples

SubjectPredicateObjectConfidenceSrc
Shephard's lemmais aresult in microeconomics having applications in the theory of the firm and in consumer choice0.90text
Shephard's lemmarelated to ApplicationShephard's0.60section
Shephard's lemmarelated to ApplicationHicksian0.60section
Shephard's lemmarelated to ApplicationThe0.60section
Shephard's lemmarelated to ApplicationRoy's0.60section
Shephard's lemmarelated to ApplicationMarshallian0.60section
Shephard's lemmarelated to DefinitionIn0.60section
Shephard's lemmarelated to DefinitionShephard's0.60section
Shephard's lemmarelated to DefinitionHicksian0.60section

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