Shadow prices in intertemporal plans under constant returns to scale |
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| Authors: | Hugh Rose |
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| Affiliation: | The Johns Hopkins University, Baltimore, MD 21218, USA |
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| Abstract: | It has been shown, in connection with Tobin's ‘q’ theory of investment, that, under constant returns to scale and for interior solutions, the market value of a firm is its capital valued at the shadow price of capital. This result is here generalized to cover many fixed (and variable) factors and non-interior solutions. |
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