Prisoners of war also used to have shadow prices ( ransoms ) which were a source of income for victorious forces; this represents another potential alternative to taxation.
12.
Although product characteristics are neither produced nor consumed in isolation, hedonic price models assume that the price of a product reflects embodied characteristics valued by some implicit or shadow prices.
13.
In practice this exercise is not done, but an assumed shadow price has been used by NICE for many years in its assessments to determine which treatments the NHS should and should not fund.
14.
In constrained optimization in economics, the "'shadow price "'is the instantaneous change, per unit of the constraint, in the objective value of the optimal solution of an optimization problem obtained by relaxing the constraint.
15.
More formally, the shadow price is the value of the Lagrange multiplier at the optimal solution, which means that it is the infinitesimal change in the objective function arising from an infinitesimal change in the constraint.
16.
That is, the Lagrange multiplier y ^ { \ ast } \ left ( t \ right ) on the constraint is its " shadow price " in the optimization program ( see Rockafellar, 1970 ).
17.
For instance if a constraint limits the amount of labor available to you to 40 hours per week, the shadow price will tell you how much you should be willing to pay for an additional hour of labor.
18.
You might estimate the shadow price of that trip by including the cost of gas; but you are unlikely to include the wear on the tires or the cost of the money you might have borrowed to purchase the car.
19.
The point at which the NHS budget is exhausted would reveal the shadow price, the threshold lying between the CQG gained of the last service that is funded and that of the next most cost effective service that is not funded.
20.
According to Club Monaco's national spokesman Gerald Levac, Lewinsky was wearing Bronze and Topaz eye shadows priced at $ 11 each; brow powder and pencil at $ 10 each; a sheer, berry-hued lipstick called Glaze at $ 13; and Bare lip liner, $ 10.
