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dc.contributor.authorFriedman, Danielen_US
dc.contributor.authorSákovics, Józsefen_US
dc.description.abstractWe 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.en_US
dc.publisherUniv. of California at Santa Cruz, Dep. of Economics Santa Cruz, Calif.en_US
dc.relation.ispartofseriesWorking Papers, UC Santa Cruz Economics Department 684en_US
dc.subject.keywordbudget constrainten_US
dc.subject.keywordvalue for moneyen_US
dc.titleThe marginal utility of money: A modern Marshallian approach to consumer choiceen_US
dc.typeWorking Paperen_US
Appears in Collections:Working Papers, Economics Department, UC Santa Cruz

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