Kelvin Lancaster

✶December 10, 1924

†July 23, 1999

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About their life

Kelvin John Lancaster was an Australian mathematical economist and John Bates Clark professor of economics at Columbia University. He is best known for the development of the Theory of the Second Best with Richard Lipsey. Lancaster was also active in developing the calculus of qualitative economics, formulating the household production function, and applying the hedonic model to the estimation of housing prices.

Australian-American economist

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Biography from the article Kelvin Lancaster on the English Wikipedia, available under CC BY-SA 4.0.