Updated: Aug 20, 2021

The idea that there are multiple ways of viewing a single issue. More formally, duality applied to optimization theory states that every maximization problem has a dual minimization problem and vice versa. Any problem can be transformed into its dual by interchanging constraints and objectives. In consumer theory the problem of maximizing utility subject to a budget constraint is dual to minimizing expenditure subject to achieving a given level of utility. The use of duality provides alternative ways to represent the solution. For example, the expenditure function and the indirect utility function are equivalent representations of consumer behaviour.

Reference: Oxford Press Dictonary of Economics, 5th edt.

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James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.