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Explanation of Constrained Optimization for Economists
Contributor(s): Morgan, Peter B. (Author)

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ISBN: 1442614463     ISBN-13: 9781442614468
Publisher: University of Toronto Press
OUR PRICE: $90.25  

Binding Type: Paperback - See All Available Formats & Editions
Published: April 2015
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Additional Information
BISAC Categories:
- Business & Economics | Business Mathematics
- Business & Economics | Home-based Businesses
- Political Science | History & Theory - General
Dewey: 330.015
Physical Information: 1.2" H x 8.4" W x 11" L (3.00 lbs) 504 pages
 
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Publisher Description:

In a constrained optimization problem, the decisionmaker wants to select the optimal choice - the one most valuable to him or her - that also meets all of the constraints imposed by the problem. Such problems are at the heart of modern economics, where the typical behavioral postulate is that a decisionmaker behaves rationally; that is, chooses optimally from a set of constrained choices.

Most books on constrained optimization are technical and full of jargon that makes it hard for the inexperienced reader to gain a holistic understanding of the topic. Peter B. Morgan's Explanation of Constrained Optimization for Economists solves this problem by emphasizing explanations, both written and visual, of the manner in which many constrained optimization problems can be solved. Suitable as a textbook or a reference for advanced undergraduate and graduate students familiar with the basics of one-variable calculus and linear algebra, this book is an accessible, user-friendly guide to this key concept.


Contributor Bio(s): Morgan, Peter: - Peter B. Morgan is an associate professor in the Department of Economics at the University at Buffalo.
 
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