On Envelope Theorems in Economics: Inspired by a Revival of a Forgotten Lecture
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.
|Date of creation:||16 Sep 2011|
|Date of revision:|
|Contact details of provider:|| Postal: Department of Economics, Umeå University, S-901 87 Umeå, Sweden|
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- Li, Chuan-Zhong & Löfgren, Karl-Gustaf, 2003.
"Evaluating Projects in a Dynamic Economy: Some New Envelope Results,"
Umeå Economic Studies
613, Umeå University, Department of Economics, revised 04 Dec 2006.
- 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.
- 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.
- 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.
- Aronsson, Thomas & Löfgren, Karl-Gustaf & Nyström, Kaj, 2003. "Stochastic Cost Benefit Rules: A Back-of-a-Lottery-Ticket Calculation Method," Umeå Economic Studies 606, Umeå University, Department of Economics.
- Torsten Schmidt, 2004. "Really Pushing the Envelope: Early Use of the Envelope Theorem by Auspitz and Lieben," History of Political Economy, Duke University Press, vol. 36(1), pages 103-129, Spring.
- Michael R. Caputo, 1990. "Comparative Dynamics via Envelope Methods in Variational Calculus," Review of Economic Studies, Oxford University Press, vol. 57(4), pages 689-697.
- John P. Windmuller, 1974. "Introduction," ILR Review, Cornell University, ILR School, vol. 28(1), pages 3-6, October.
- Li, Chuan-Zhong & Löfgren, Karl-Gustaf, 2009. "Genuine Saving under Stochastic Growth," Umeå Economic Studies 779, Umeå University, Department of Economics.
- 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.
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