AVERAGE SHADOW PRICES IN MATHEMATICAL-PROGRAMMING

We develop the concept of average shadow price in mathematical programming. This concept measures the value of resources along a direction in an average sense, in contrast to traditional marginal analysis; it serves as a useful standard price for management decisions about resources, particularly when there are nonconvexities. We give it an economic interpretation. We also develop simple computational schemes for obtaining and improving the bounds of the average shadow prices and illustrate them in two important classes of nonconvex programs: convex maximization problems and mixed integer programs.
Publisher
PLENUM PUBL CORP
Issue Date
1992-07
Language
ENG
Keywords

MANAGEMENT

Citation

JOURNAL OF OPTIMIZATION THEORY AND APPLICATIONS, v.74, no.1, pp.57 - 74

ISSN
0022-3239
URI
http://hdl.handle.net/10203/1864
Appears in Collection
IE-Journal Papers(저널논문)
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