Ruscitti, Francesco - Dipartimento di Economia, Università degli Studi di Roma 3 - 2011
We study the di¤erentiability of the value function of a constrained optimization problem. We consider the envelope-theorem framework of Milgrom and Segal (2002), and we accomplish two goals. We show how one can relax Milgrom and Segal’s assumption that the choice set does not vary with...