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@article{10100, author = {Mach, Petr}, article_location = {Praha}, article_number = {1}, keywords = {consumer choice; consumer optimum; indifference curves; three-dimensional utility function}, language = {eng}, issn = {1802-792X}, journal = {ACTA VŠFS}, title = {The Application of Lagrange Multipliers in Consumer Choice Theory}, url = {https://www.vsfs.cz/periodika/acta-2022-1.pdf}, volume = {16}, year = {2022} }
TY - JOUR ID - 10100 AU - Mach, Petr PY - 2022 TI - The Application of Lagrange Multipliers in Consumer Choice Theory JF - ACTA VŠFS VL - 16 IS - 1 SP - 63-75 EP - 63-75 PB - VSFS SN - 1802792X KW - consumer choice KW - consumer optimum KW - indifference curves KW - three-dimensional utility function UR - https://www.vsfs.cz/periodika/acta-2022-1.pdf N2 - This article deals with the consumer choice theory developed by Irving Fisher, Francis Edgeworth, Vilfredo Pareto, and John Hicks. A three-dimensional utility function is presented as an alternative to indifference curves. In mainstream textbooks, the indifference curves together with the budget constraint are used to find the optimum of a consumer graphically at a point where the budget line is a tangent line to an indifference curve. In this article, a vertical cross-section of the three-dimensional utility function and the Lagrange multipliers are applied to find the optimum of a consumer directly from the three-dimensional utility function subject to the budget constraint. ER -
MACH, Petr. The Application of Lagrange Multipliers in Consumer Choice Theory. \textit{ACTA VŠFS}. Praha: VSFS, 2022, roč.~16, č.~1, s.~63-75. ISSN~1802-792X.
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