On Envelope Theorems in Economics: Inspired by a Revival of a Forgotten Lecture
AbstractThis paper studies how envelope theorems have been used in Economics, their history and also who first introduced them. The existing literature is full of them and the reason is that all families of optimal value functions can produce them. The paper is driven by curiosity, but hopefully it will give the reader some new insights.
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Bibliographic InfoPaper provided by Umeå University, Department of Economics in its series Umeå Economic Studies with number 830.
Length: 20 pages
Date of creation: 16 Sep 2011
Date of revision:
Contact details of provider:
Postal: Department of Economics, Umeå University, S-901 87 Umeå, Sweden
Phone: 090 - 786 61 42
Fax: 090 - 77 23 02
Web page: http://www.econ.umu.se/
More information through EDIRC
Envelope theorems; names and history; value functions;
Find related papers by JEL classification:
- B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
- B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
- B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-10-01 (All new papers)
- NEP-HIS-2011-10-01 (Business, Economic & Financial History)
- NEP-HPE-2011-10-01 (History & Philosophy of Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Seierstad, Atle, 1982. "Differentiability properties of the optimal value function in control theory," Journal of Economic Dynamics and Control, Elsevier, vol. 4(1), pages 303-310, November.
- Caputo, Michael R, 1990. "Comparative Dynamics via Envelope Methods in Variational Calculus," Review of Economic Studies, Wiley Blackwell, vol. 57(4), pages 689-97, October.
- LaFrance, Jeffrey T. & Barney, L. Dwayne, 1991. "The envelope theorem in dynamic optimization," Journal of Economic Dynamics and Control, Elsevier, vol. 15(2), pages 355-385, April.
- Caputo, Michael R., 1990. "How to do comparative dynamics on the back of an envelope in optimal control theory," Journal of Economic Dynamics and Control, Elsevier, vol. 14(3-4), pages 655-683, October.
- Aronsson, Thomas & Löfgren, Karl-Gustaf & Nyström, Kaj, 2003. "Stochastic Cost Benefit Rules: A Back-of-a-Lottery-Ticket Calculation Method," UmeÃ¥ Economic Studies 606, Umeå University, Department of Economics.
- Chuan-Zhong Li & Karl-Gustaf Löfgren, 2008.
"Evaluating Projects in a Dynamic Economy: Some New Envelope Results,"
German Economic Review,
Verein für Socialpolitik, vol. 9, pages 1-16, 02.
- Li, Chuan-Zhong & Löfgren, Karl-Gustaf, 2003. "Evaluating Projects in a Dynamic Economy: Some New Envelope Results," UmeÃ¥ Economic Studies 613, Umeå University, Department of Economics, revised 04 Dec 2006.
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