ENVELOPE THEOREMS FOR ARBITRARY CHOICE SETS

@inproceedings{Milgrom2002ENVELOPETF,
  title={ENVELOPE THEOREMS FOR ARBITRARY CHOICE SETS},
  author={Paul Milgrom and Ilya Segal},
  year={2002}
}
The standard envelope theorems apply to choice sets with convex and topological structure, providing sufficient conditions for the value function to be differentiable in a parameter and characterizing its derivative. This paper studies optimization with arbitrary choice sets and shows that the traditional envelope formula holds at any differentiability point of the value function. We also provide conditions for the value function to be, variously, absolutely continuous, leftand right… CONTINUE READING
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