Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/64545 
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dc.contributor.authorFriedman, Danielen
dc.contributor.authorSákovics, Józsefen
dc.date.accessioned2011-07-22-
dc.date.accessioned2012-09-28T12:42:03Z-
dc.date.available2012-09-28T12:42:03Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/64545-
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
dc.language.isoengen
dc.publisher|aUniversity of California, Economics Department |cSanta Cruz, CAen
dc.relation.ispartofseries|aWorking Paper |x684en
dc.subject.jelD01en
dc.subject.jelD03en
dc.subject.jelD11en
dc.subject.ddc330en
dc.subject.keywordbudget constrainten
dc.subject.keywordseparabilityen
dc.subject.keywordvalue for moneyen
dc.titleThe marginal utility of money: A modern Marshallian approach to consumer choice-
dc.typeWorking Paperen
dc.identifier.ppn664664938en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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