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The Envelope Theorem is showm to involve comparisons between the performance of the optimal policy and that of alternative policies, which satisfy the constraints of the problem and may also have other features. The theorem is activated whenever parameter values are such that the extreme value...
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The paper considers Caratheodory's Theorem on the properties of the Inverse of the Bordered Hessian of an Optimization …
Persistent link: https://www.econbiz.de/10008619415
Persistent link: https://www.econbiz.de/10010859455