Kelvin Lancaster
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| Kelvin Lancaster | |
| Born | December 10, 1924 Sydney, Australia |
|---|---|
| Died | July 23, 1999, age 74 New York, New York |
| Residence |  USA |
| Nationality |  Australian |
| Fields | Economics |
| Institutions | Columbia University |
| Alma mater | University of London (PhD 1958) University of London External Programme (BSc 1953) University of Sydney (BA 1948) |
| Known for | Theory of the second best Lancasterian demand theory |
Kelvin John Lancaster (December 10, 1924 - July 23, 1999) was a 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 defining the Household production function. He was also important in developing the application of the hedonic model to the estimation of the price of houses.
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