Envelope Theorem ·
dV*/dθ = ∂V/∂θ at the Optimum
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θ
1.00
V*(θ)
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Beat
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Family f(x, θ) — one curve per fixed x
Envelope V*(θ) = max_x f(x, θ)
Optimal choice x*(θ)
Tangent slope = ∂f/∂θ at x*
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