论文标题
阴影价格和经济应用中的最佳成本
Shadow prices and optimal cost in economic applications
论文作者
论文摘要
影子价格被充分理解，并广泛用于经济应用中。但是，假设其自然解释以及它们反映了第一阶最佳条件（FOC）的事实，可以在某些地方进行限制。在本文中，我们提出了一个简单的临时示例，证明与行使最佳控制相关的边际成本可能超过根据影子价格比率估计的各自的成本。此外，通过影子价格估算的成本估算是任意的，取决于优化问题的特定（数学等效）公式。这些事实使影子价格的比率与估计最佳边际成本无关。提供的说明性优化问题链接与在广泛使用的气候和经济（DICE）的动态综合模型中计算碳的社会成本（SCC）的类似方法。
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).
