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, and in the application of the hedonic model to the estimation of the price of houses.
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Date of birth:
- Dec 10, 1924
Date of death:
- Jul 23, 1999 (age 74 years)
Also known as:
- Kelvin John Lancaster
