Comparative Dynamics via Envelope Methods in Variational Calculus
AbstractThe primal-dual methodology of P. A. Samuelson (1965) is extended and applied to a nonautonomous variational calculus problem with a fixed vector of initial stocks, fixed initial and terminal time values, a free vector of terminal stocks, and a time-independent vector of parameters. It is shown that, if the solution of the variational problem is smooth enough, the qualitative effects of parameter perturbations on the entire optimal arcs can be represented by a generalized Slutsky-type matrix, which holds in integral form and is symmetric negative semidefinite. Sufficient conditions for the optimal value function to be convex in the parameters are also given. Copyright 1990 by The Review of Economic Studies Limited.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Economic Studies.
Volume (Year): 57 (1990)
Issue (Month): 4 (October)
Contact details of provider:
Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Micahel Caputo & Chen Ling, 2012.
"The Intrinsic Comparative Dynamics of Locally Differentiable Feedback Nash Equilibria of Autonomous and Exponentially Discounted Infinite Horizon Differential Games,"
2012-03, University of Central Florida, Department of Economics.
- Caputo, Michael R. & Ling, Chen, 2013. "The intrinsic comparative dynamics of locally differentiable feedback Nash equilibria of autonomous and exponentially discounted infinite horizon differential games," Journal of Economic Dynamics and Control, Elsevier, vol. 37(10), pages 1982-1994.
- Caputo, Michael R. & Wilen, James E., 1995. "Optimality conditions and comparative statics for horizon and endpoint choices in optimal control theory," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 351-369.
- Löfgren, Karl-Gustaf, 2011. "On Envelope Theorems in Economics: Inspired by a Revival of a Forgotten Lecture," UmeÃ¥ Economic Studies 830, Umeå University, Department of Economics.
- Barney, L. Jr., 1997. "Uncertainty and the comparative dynamics of stock price," International Review of Economics & Finance, Elsevier, vol. 6(4), pages 405-419.
- YIlmaz, Ensar, 2011. "Income distribution, efficiency and rationing," Economic Modelling, Elsevier, vol. 28(3), pages 1247-1255, May.
- Ngo Long & Horst Siebert, 1992.
"A model of the socialist firm in transition to a market economy,"
Journal of Economics,
Springer, vol. 56(1), pages 1-21, February.
- Long, Ngo Van & Siebert, Horst, 1991. "A model of the socialist firm in transition to a market economy," Kiel Working Papers 479, Kiel Institute for the World Economy.
- Jeffrey T. LaFrance, 1992.
"Do Increased Commodity Prices Lead To More Or Less Soil Degradation?,"
Australian Journal of Agricultural and Resource Economics,
Australian Agricultural and Resource Economics Society, vol. 36(1), pages 57-82, 04.
- LaFrance, Jeffrey T., 1992. "Do Increased Commodity Prices Lead To More Or Less Soil Degradation?," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 36(01), April.
- Favard, Pascal & Karp, Larry, 2004.
"How many cake-eaters? Chouette, on a du monde a diner !,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 28(4), pages 801-815, January.
- Favard, Pascal & Karp, Larry, 1999. "How many cake-eaters? Chouette, on a du monde a diner!," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt61d3d33p, Department of Agricultural & Resource Economics, UC Berkeley.
- Caputo, Michael R., 2003. "The comparative dynamics of closed-loop controls for discounted infinite horizon optimal control problems," Journal of Economic Dynamics and Control, Elsevier, vol. 27(8), pages 1335-1365, June.
- Yilmaz, Ensar & Ünveren, Burak, 2011. "Income distribution and exchange in a dynamic search model," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 665-678, October.
- Lichtenberg, Erik, 2004. "Cost-Responsiveness of Conservation Practice Adoption: A Revealed Preference Approach," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 29(03), December.
- Krysiak, Frank C., 2006. "Stochastic intertemporal duality: An application to investment under uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 30(8), pages 1363-1387, August.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.