Browse

Differentiability of the Value Function

Cited 0 time in Web of Science Cited 0 time in Scopus
Authors
Kim, Taesung
Issue Date
1993-07
Publisher
Institute of Economic Research, Seoul National University
Citation
Seoul Journal of Economics, Vol.6 No.3, pp. 257-265
Keywords
Benveniste and Scheinkmandynamic programming
Abstract
This paper characterizes the differentiability of the value function. We provide a characterization of the necessary and sufficient conditions for the differentiability of the value function. This generalizes the well-known differentiability result of Benveniste and Scheinkman (1979) which shows that the concavity restriction on the return function and the convex graph restriction on the constraint correspondence are sufficient to prove the differentiability. In addition to generalization, our proof is quite simple and different from that of Benveniste and Scheinkman in not using the concavity assumptions. We also show the differentiability of the indirect function in the envelope theorem under quite weak assumptions. This generalizes the established results regarding the differentiability of the support function and that of the cost function.
ISSN
1225-0279
Language
English
URI
https://hdl.handle.net/10371/1022
Files in This Item:
Appears in Collections:
College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of Economics (SJE)Seoul Journal of Economics vol.06(3) (Fall 1993)
  • mendeley

Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.

Browse