An Explanation of Constrained Optimization for Economists

An Explanation of Constrained Optimization for Economists

Paperback (20 Apr 2015)

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Publisher's Synopsis

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.

Book information

ISBN: 9781442614468
Publisher: University of Toronto Press
Imprint: University of Toronto Press
Pub date:
DEWEY: 519.6
DEWEY edition: 23
Language: English
Number of pages: 504
Weight: 1304g
Height: 283mm
Width: 217mm
Spine width: 32mm