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- Shephard's_lemma abstract "Shephard's lemma is a major 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 with price is unique. The idea is that a consumer will buy a unique ideal amount of each item to minimize the price for obtaining a certain level of utility given the price of goods in the market.The lemma is named after Ronald Shephard who gave a proof using the distance formula in his book Theory of Cost and Production Functions (Princeton University Press, 1953).The equivalent result in the context of consumer theory was first derived by Lionel W. McKenzie in 1957. It states that the partial derivatives of the expenditure function with respect to the prices of goods equal the Hicksian demand functions for the relevant goods. Similar results had already been derived by John Hicks (1939) and Paul Samuelson (1947).".
- Shephard's_lemma wikiPageID "2190008".
- Shephard's_lemma wikiPageRevisionID "606607789".
- Shephard's_lemma hasPhotoCollection Shephard's_lemma.
- Shephard's_lemma subject Category:Lemmas.
- Shephard's_lemma subject Category:Underlying_principles_of_microeconomic_behavior.
- Shephard's_lemma type Abstraction100002137.
- Shephard's_lemma type Cognition100023271.
- Shephard's_lemma type Communication100033020.
- Shephard's_lemma type Content105809192.
- Shephard's_lemma type Generalization105913275.
- Shephard's_lemma type Idea105833840.
- Shephard's_lemma type Lemma106751833.
- Shephard's_lemma type Lemmas.
- Shephard's_lemma type Message106598915.
- Shephard's_lemma type Principle105913538.
- Shephard's_lemma type Proposition106750804.
- Shephard's_lemma type PsychologicalFeature100023100.
- Shephard's_lemma type Statement106722453.
- Shephard's_lemma type UnderlyingPrinciplesOfMicroeconomicBehavior.
- Shephard's_lemma comment "Shephard's lemma is a major 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 with price is unique.".
- Shephard's_lemma label "Lemma di Shephard".
- Shephard's_lemma label "Shephard's lemma".
- Shephard's_lemma label "Shephards Lemma".
- Shephard's_lemma sameAs Shephards_Lemma.
- Shephard's_lemma sameAs Lemma_di_Shephard.
- Shephard's_lemma sameAs m.06tn7s.
- Shephard's_lemma sameAs Q1536466.
- Shephard's_lemma sameAs Q1536466.
- Shephard's_lemma sameAs Shephard's_lemma.
- Shephard's_lemma wasDerivedFrom Shephard's_lemma?oldid=606607789.
- Shephard's_lemma isPrimaryTopicOf Shephard's_lemma.