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On Envelope Theorems in Economics: Inspired by a Revival of a Forgotten Lecture

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  • Löfgren, Karl-Gustaf

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    (Department of Economics, Umeå University)

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    Abstract

    This 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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    File URL: http://www.econ.umu.se/DownloadAsset.action?contentId=166976&languageId=3&assetKey=ues830
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    Bibliographic Info

    Paper provided by Umeå University, Department of Economics in its series Umeå Economic Studies with number 830.

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    Length: 20 pages
    Date of creation: 16 Sep 2011
    Date of revision:
    Handle: RePEc:hhs:umnees:0830

    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
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    Web page: http://www.econ.umu.se/
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    Keywords: Envelope theorems; names and history; value functions;

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    References

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    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.
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