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duality

Lawrence E. Blume
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

This article surveys duality in producer theory, consumer theory and welfare economics. As opposed to the usual analysis through first-order conditions for optimization, the various dualities are derived here from convex duality theory, using Fenchel transforms and subdifferentials.
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How to cite this article

Blume, Lawrence E. "duality." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 31 January 2015 <http://www.dictionaryofeconomics.com/article?id=pde2008_D000196> doi:10.1057/9780230226203.0411

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