Envelope Theorems for Arbitrary Choice Sets.¶
Milgrom, P., & Segal, I. (2002). Envelope Theorems for Arbitrary Choice Sets. Econometrica, 70(2), 583-601.
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Primes¶
- Comparative Statics
- Envelope reasoning: when the equilibrium is the maximizer of an objective, the response of the maximized value to a parameter is simply the partial derivative of the objective at the optimum, because the indirect effects through the optimal action cancel — a re-usable shortcut that appears wherever an equilibrium is the solution to an optimization.
This sourceGeneralizes the envelope theorem — the response of a maximized value to a parameter is the partial derivative of the objective at the optimum. (
- Envelope reasoning: when the equilibrium is the maximizer of an objective, the response of the maximized value to a parameter is simply the partial derivative of the objective at the optimum, because the indirect effects through the optimal action cancel — a re-usable shortcut that appears wherever an equilibrium is the solution to an optimization.
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