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arXiv 2211.03591econ.GNq-fin.EC
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经济应用中的影子价格和最优成本

Shadow prices and optimal cost in economic applications

Nikolay Khabarov, Alexey Smirnov, Michael Obersteiner

摘要:

影子价格是很好理解的,并广泛用于经济应用。然而,影子价格的应用存在限制,假设它们的自然解释和它们反映一阶最优条件(FOC)的事实。在本文中,我们提出了一个简单的特设的例子表明,与行使最优控制的边际成本可能会超过各自的成本估计从影子价格的比率。此外,这种通过影子价格的成本估计是任意的,并且取决于优化问题的特定(数学上等价的)公式。这些事实使得影子价格的比率与最优边际成本的估计无关。所提供的说明性优化问题链接到在广泛使用的气候和经济的动态集成模型(DICE)中计算碳的社会成本(SCC)的类似方法。

英文摘要:

Shadow prices are well understood and are widely used in economic applications. However, there are limits to where shadow prices can be applied assuming their natural interpretation and the fact that they reflect the first order optimality conditions (FOC). In this paper, we present a simple ad-hoc example demonstrating that marginal cost associated with exercising an optimal control may exceed the respective cost estimated from a ratio of shadow prices. Moreover, such cost estimation through shadow prices is arbitrary and depends on a particular (mathematically equivalent) formulation of the optimization problem. These facts render a ratio of shadow prices irrelevant to estimation of optimal marginal cost. The provided illustrative optimization problem links to a similar approach of calculating social cost of carbon (SCC) in the widely used dynamic integrated model of climate and the economy (DICE).

机构、总结、中文摘要均由AI分析而来,可能存在错误,请以论文正文为准。

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