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ASYMMETRIC SUBSTITUTABILITY: THEORY AND SOME APPLICATIONS
Author(s) -
DE JAEGHER KRIS
Publication year - 2009
Publication title -
economic inquiry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.823
H-Index - 72
eISSN - 1465-7295
pISSN - 0095-2583
DOI - 10.1111/j.1465-7295.2008.00158.x
Subject(s) - economics , complement (music) , mathematical economics , gross output , microeconomics , econometrics , production (economics) , phenotype , biochemistry , chemistry , complementation , gene
Economists usually describe goods as being either (gross) complements or (gross) substitutes. Yet, what is less known is that one good may be a gross substitute for a second good, while the second good is a gross complement to the first good. This article develops a theory of asymmetric gross substitutability and suggests some potential examples and applications. ( JEL D11)