Rincón-Zapatero, Juan PabloSantos, Manuel S.Universidad Carlos III de Madrid. Departamento de Economía2007-03-232010-02-012007-03-232010-02-012007-032340-5031https://hdl.handle.net/10016/668This paper studies first-order differentiability properties of the value function in concave dynamic programs. Motivated by economic considerations, we dispense with commonly imposed interiority assumptions. We suppose that the correspondence of feasible choices varies with the vector of state variables, and we allow the optimal solution to belong to the boundary of this correspondence. Under minimal assumptions we show that the value function is continuously differentiable. We then discuss this result in the context of several economic models.application/pdfapplication/octet-streamapplication/octet-streamapplication/octet-streamtext/plainengAtribución-NoComercial-SinDerivadas 3.0 EspañaConstrained optimizationValue and policy functionsDifferentiabilityEnvelope theoremShadow priceworking paperEconomíaopen accesswe071405