Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/64545
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dc.contributor.authorFriedman, Danielen_US
dc.contributor.authorSákovics, Józsefen_US
dc.date.accessioned2011-07-22en_US
dc.date.accessioned2012-09-28T12:42:03Z-
dc.date.available2012-09-28T12:42:03Z-
dc.date.issued2011en_US
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_US
dc.language.isoengen_US
dc.publisher|aUniv. of California at Santa Cruz, Dep. of Economics |cSanta Cruz, Calif.en_US
dc.relation.ispartofseries|aWorking Papers, UC Santa Cruz Economics Department |x684en_US
dc.subject.jelD01en_US
dc.subject.jelD03en_US
dc.subject.jelD11en_US
dc.subject.ddc330en_US
dc.subject.keywordbudget constrainten_US
dc.subject.keywordseparabilityen_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
dc.identifier.ppn664664938en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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