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- Shadow_price abstract "The term "Shadow Price" or "Shadow Pricing" is used to refer to monetary values assigned to currently unknowable or difficult to calculate costs. The origin of these costs is typically due to an externalization of costs or an unwillingness to recalculate a system to account for marginal production. For example consider a firm that already has a factory full of equipment and staff. They might estimate the shadow price for a few more units of production as simply the cost of the overtime. In this manner some goods and services have near zero shadow prices, for example information goods.Less formally, the cost of decisions made at the margin without consideration of the total cost. For example consider a trip in your car. You might estimate the shadow price of that trip by including the cost of gas; but you are unlikely to include the wear on the tires or the cost of the money you might have borrowed to purchase the car.In constrained optimization in economics, the shadow price is the instantaneous change, per unit of the constraint, in the objective value of the optimal solution of an optimization problem obtained by relaxing the constraint. In other words, it is the marginal utility of relaxing the constraint, or, equivalently, the marginal cost of strengthening the constraint.In a business application, a shadow price is the maximum price that management is willing to pay for an extra unit of a given limited resource. For example, if a production line is already operating at its maximum 40-hour limit, the shadow price would be the maximum price the manager would be willing to pay for operating it for an additional hour, based on the benefits he would get from this change.More formally, the shadow price is the value of the Lagrange multiplier at the optimal solution, which means that it is the infinitesimal change in the objective function arising from an infinitesimal change in the constraint. This follows from the fact that at the optimal solution the gradient of the objective function is a linear combination of the constraint function gradients with the weights equal to the Lagrange multipliers. Each constraint in an optimization problem has a shadow price or dual variable. The value of the shadow price can provide decision-makers with insights into problems. For instance if a constraint limits the amount of labor available to you to 40 hours per week, the shadow price will tell you how much you should be willing to pay for an additional hour of labor. If your shadow price is $10 for the labor constraint, for instance, you should pay no more than $10 an hour for additional labor. Labor costs of less than $10/hour will increase the objective value; labor costs of more than $10/hour will decrease the objective value. Labor costs of exactly $10 will cause the objective function value to remain the same.".
- Shadow_price wikiPageExternalLink 1161.
- Shadow_price wikiPageID "1913196".
- Shadow_price wikiPageLength "9516".
- Shadow_price wikiPageOutDegree "24".
- Shadow_price wikiPageRevisionID "668043684".
- Shadow_price wikiPageWikiLink Business.
- Shadow_price wikiPageWikiLink Category:Mathematical_economics.
- Shadow_price wikiPageWikiLink Category:Operations_research.
- Shadow_price wikiPageWikiLink Constrained_optimization.
- Shadow_price wikiPageWikiLink Constraint_(mathematics).
- Shadow_price wikiPageWikiLink Costate_equations.
- Shadow_price wikiPageWikiLink Dual_problem.
- Shadow_price wikiPageWikiLink Duality_(optimization).
- Shadow_price wikiPageWikiLink Economics.
- Shadow_price wikiPageWikiLink Hamiltonian_mechanics.
- Shadow_price wikiPageWikiLink Infinitesimal.
- Shadow_price wikiPageWikiLink Information_good.
- Shadow_price wikiPageWikiLink Information_goods.
- Shadow_price wikiPageWikiLink Lagrange_multiplier.
- Shadow_price wikiPageWikiLink Linear_programming.
- Shadow_price wikiPageWikiLink Marginal_cost.
- Shadow_price wikiPageWikiLink Marginal_utility.
- Shadow_price wikiPageWikiLink Market_price.
- Shadow_price wikiPageWikiLink Mathematical_optimization.
- Shadow_price wikiPageWikiLink Microsoft.
- Shadow_price wikiPageWikiLink Optimal_control.
- Shadow_price wikiPageWikiLink Optimization_(mathematics).
- Shadow_price wikiPageWikiLink Optimization_problem.
- Shadow_price wikiPageWikiLink Pontryagins_maximum_principle.
- Shadow_price wikiPageWikiLink Pontryagins_minimum_principle.
- Shadow_price wikiPageWikiLink Reduced_cost.
- Shadow_price wikiPageWikiLink The_New_Palgrave_Dictionary_of_Economics.
- Shadow_price wikiPageWikiLink File:ForexShadowPrice.jpg.
- Shadow_price wikiPageWikiLinkText "Shadow price".
- Shadow_price wikiPageWikiLinkText "shadow price".
- Shadow_price course "Wikipedia:India_Education_Program/Courses/Fall_2011/Development Economics_Year_3_Group_A".
- Shadow_price hasPhotoCollection Shadow_price.
- Shadow_price term "2011".
- Shadow_price university "Symbiosis School of Economics".
- Shadow_price wikiPageUsesTemplate Template:Citation.
- Shadow_price wikiPageUsesTemplate Template:Cite_book.
- Shadow_price wikiPageUsesTemplate Template:Cite_journal.
- Shadow_price wikiPageUsesTemplate Template:IEP_assignment.
- Shadow_price wikiPageUsesTemplate Template:Multiple_issues.
- Shadow_price subject Category:Mathematical_economics.
- Shadow_price subject Category:Operations_research.
- Shadow_price type Discipline.
- Shadow_price type Field.
- Shadow_price comment "The term "Shadow Price" or "Shadow Pricing" is used to refer to monetary values assigned to currently unknowable or difficult to calculate costs. The origin of these costs is typically due to an externalization of costs or an unwillingness to recalculate a system to account for marginal production. For example consider a firm that already has a factory full of equipment and staff. They might estimate the shadow price for a few more units of production as simply the cost of the overtime.".
- Shadow_price label "Shadow price".
- Shadow_price sameAs Preu_ombra.
- Shadow_price sameAs Precio_sombra.
- Shadow_price sameAs Varihind.
- Shadow_price sameAs Preço_sombra.
- Shadow_price sameAs m.065pj8.
- Shadow_price sameAs Q3308839.
- Shadow_price sameAs Q3308839.
- Shadow_price sameAs 影子价格.
- Shadow_price wasDerivedFrom Shadow_price?oldid=668043684.
- Shadow_price isPrimaryTopicOf Shadow_price.