| 单词 | shadow prices |
| 释义 | shadow prices Relative prices of goods, services and resources which are proportional to their true opportunity cost for the economy, taking account of any external economy and diseconomies. If individuals and firms all made choices so as to optimize their situations subject to a set of prices proportional to the shadow prices for the economy, the results would be Pareto-optimal, that is, perfectly efficient. In a perfectly competitive economy with no price controls and no external economies or diseconomies, actual and shadow prices would be equivalent. In any real world economy, subject to monopoly, long-term contracts, legal price regulation and externalities, actual and shadow prices do not correspond. The Lagrange multiplier appearing in constrained maximum and minimum problems can be interpreted as shadow prices. See also: Pareto-optimality |
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