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Some Envelope Theorems For Integer And Discrete Choice Variables

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  • SAH, R.K.
  • ZHAO, J.

Abstract

The envelope theorem is a genuine workhorse of economic analysis. Typically, this theorem requires that the choice variables be continuous. This paper derives envelope theorems, previously unavailable in the literature, for use with integer and discrete choice variables. The authors' results, which are intuitive, thus make it possible to use the envelope theorem in a variety of analyses in which the natural description of choice variables is not continuous. Among such choice variables are the number of projects, plants, and a couple's children, as well as binary (yes-no) choices such as labor-force participation, home ownership, and migration. Copyright 1998 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Bibliographic Info

Paper provided by Yale - Economic Growth Center in its series Papers with number 598.

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Length: 11 pages
Date of creation: 1990
Date of revision:
Handle: RePEc:fth:yalegr:598

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Postal: U.S.A.; YALE UNIVERSITY, ECONOMIC GROWTH CENTER, YALE STATION NEW-HAVEN CONNECTICUT 06520 U.S.A
Phone: (203) 432-3610
Fax: (203) 432-3898
Web page: http://www.econ.yale.edu/~egcenter/
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Keywords: production ; economic models ; social choice;

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Cited by:
  1. Park, Timothy A. & Florkowski, Wojciech J., 2003. "Selection of Peach Varieties and the Role of Quality Attributes," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 28(01), April.
  2. Guo, Christopher & Costello, Christopher, 2013. "The value of adaption: Climate change and timberland management," Journal of Environmental Economics and Management, Elsevier, vol. 65(3), pages 452-468.
  3. Matthew Potts & Jeffrey Vincent, 2008. "Spatial distribution of species populations, relative economic values, and the optimal size and number of reserves," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 39(2), pages 91-112, February.

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