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The Envelope Theorem is shown to involve comparaisons between the performance of the optimal policy and that of alternative policies, which satisfy the constraints of the problem and may also have other features.
Persistent link: https://www.econbiz.de/10005671873
The paper emphasizes the importance of the qualitative element in the behavior of business firms Qualitative effects generated by suitable interpersonal relations can stimulate the state of operations of an organization, beyond the limits often prescribed by fundamental quantitative variables.
Persistent link: https://www.econbiz.de/10005671875