@techreport{Friedman2011marginal,
abstract = {We reformulate neoclassical consumer choice by focusing on [lambda], the marginal utility of money. As the opportunity cost of current expenditure,  [lambda] is approximated by the slope of the indirect utility function of the continuation. We argue that  [lambda] can largely supplant the role of an arbitrary budget constraint in partial equilibrium analysis. The result is a better grounded, more exible and more intuitive approach to consumer choice.},
address = {Santa Cruz, Calif.},
author = {Daniel Friedman and J\'{o}zsef S\'{a}kovics},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {D01; D03; D11; 330; budget constraint; separability; value for money},
language = {eng},
number = {684},
publisher = {Univ. of California at Santa Cruz, Dep. of Economics},
title = {The marginal utility of money: A modern Marshallian approach to consumer choice},
type = {Working Papers, UC Santa Cruz Economics Department},
url = {http://hdl.handle.net/10419/64545},
year = {2011}
}
