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Shadow Prices in Linear Programming Problems

Author

Listed:
  • Alaouze, C.M.

Abstract

In linear programming problems the shadow price of a constraint is the difference between the optimised value of the objective function and the value of the ojective function, evaluated at the optional basis, when the right hand side (RHS) of a constraint is increased by one unit. It may be shown, using the approach of Winston (1995, pp250- 255, 293-300) that the shadow prices corresponding to the constraints of a primal LP problem are equal to the optimal values of teh dual variables.

Suggested Citation

  • Alaouze, C.M., 1996. "Shadow Prices in Linear Programming Problems," Papers 96/18, New South Wales - School of Economics.
    • Handle: RePEc:fth:nesowa:96/18
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    More about this item

    Keywords

    LINEAR MODELS; PRICES;

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)

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