On the Demand for Rival (Or Substitute) Commodities

1. A COMMODITY may have many substitute or rival commodities, and sometimes a large series of them, if we include among substitutes also the different qualities of the same good. Let us consider, for instance, a suit of clothes. There is a whole range of suits for any one person, owing to difference...

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Bibliographic Details
Published in:Econometrica 1933-04, Vol.1 (2), p.181-189
Main Author: Ricci, Umberto
Format: Article
Language:English
Subjects:
Arithmetic mean
Commodities
Consumption (economics)
Curves
Economic rent
Economic utility
Equilibrium
Indifference curves
Marginal utility
Quotients
Rival goods
Suits
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Summary:1. A COMMODITY may have many substitute or rival commodities, and sometimes a large series of them, if we include among substitutes also the different qualities of the same good. Let us consider, for instance, a suit of clothes. There is a whole range of suits for any one person, owing to differences in cloth, the cleverness of the tailor, his renown, and so on. One may range from a suit bought ready-made in a shop to a smart suit prepared after many fittings by a brilliant specialist. Very seldom does a person have an unlimited freedom of choice, owing...
ISSN:0012-9682
1468-0262
DOI:10.2307/1907092