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Interpreting Dual Variables for Optimization with Nonmonetary Objectives

Author

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  • Paul V. Preckel
  • Allen M. Featherstone
  • Timothy G. Baker

Abstract

An approach to the interpretation of dual variables for mathematical programs with nonmonetary objectives is described. The approach is general, and in particular may be applied to problems of goal programming, expected utility maximization, intertemporal utility maximization and risk minimization subject to minimum income constraints. The technique is designed to transform shadow prices, expressed in marginal increases in the objective per unit of resource, into easily interpreted units, such as dollars per unit of resource.

Suggested Citation

  • Paul V. Preckel & Allen M. Featherstone & Timothy G. Baker, 1987. "Interpreting Dual Variables for Optimization with Nonmonetary Objectives," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 69(4), pages 849-851.
    • Handle: RePEc:oup:ajagec:v:69:y:1987:i:4:p:849-851.
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    File URL: http://hdl.handle.net/10.2307/1242197
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    Cited by:

    1. Turvey, Calum G. & Baker, Timothy G., 1990. "A Pedagogic Review of the Efficient Set Mathematics Applied to Farm Operating Risk," Department of Agricultural Economics and Business 258630, University of Guelph.
    2. Turvey, Calum G. & Baker, Timothy G. & Weersink, Alfons, 1992. "Farm Operating Risk And Cash Rent Determination," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 17(1), pages 1-7, July.
    3. Featherstone, Allen M. & Osunsan, Adeyinka W. & Biere, Arlo, 1992. "A Risk Analysis of Alternative Crop and Irrigation Strategies Using Biophysical Simulations," 1992 Occasional Paper Series No. 6 197739, International Association of Agricultural Economists.
    4. Kliebenstein, James & McCamley, Francis, 1991. "Characteristics of the Set of Dual Solutions of the Target MOTAD Model," WAEA/ WFEA Conference Archive (1929-1995) 321424, Western Agricultural Economics Association.

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