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Exploiting Gossen's Second Law: A Simple Proof of the Euler Equation and the Maximum Principle

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  • Guang-zhen Sun

Abstract

We offer simple and intuitive proofs of the Euler equation and the maximum principle based on Gossen's Second Law, one of the best known results in economics.

Suggested Citation

  • Guang-zhen Sun, 2005. "Exploiting Gossen's Second Law: A Simple Proof of the Euler Equation and the Maximum Principle," Monash Economics Working Papers 14/05, Monash University, Department of Economics.
    • Handle: RePEc:mos:moswps:2005-14
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    File URL: http://www.buseco.monash.edu.au/eco/research/papers/2005/1405gossens2ndlaw.pdf
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    More about this item

    Keywords

    Euler equation; Gossen's second law; Marginal utility; Maximum principle.;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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