Mathematical economics
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. By convention, the applied methods refer to those beyond simple geometry, su...
Mathematical economics - Wikipedia
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Bubble, Bubble … Boiling On The Double
The boiling of water is at the heart of many industrial processes, from the operation of electric power plants to chemical processing and desalination. But the details of what happens on a hot surface...
Game theory
How game theory developed by John Nash (Nobel prize for economics, 1994) was used first to run the economy, and then to justify conservative politics. Consid...
History of economic thought
The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics from the ancient world to the present day. It encompasses many dis...
History of economic thought - Wikipedia
Marginalism
Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. The reason why the price of diam...
Marginalism - Wikipedia
Foundations of Economic Analysis
Foundations of Economic Analysis is a book by Paul A. Samuelson published in 1947 (Enlarged ed., 1983) by Harvard University Press. It sought to demonstrate a common mathematical structure underlying ...
Differential calculus
In mathematics, differential calculus is a subfield of calculus concerned with the study of the rates at which quantities change. It is one of the two traditional divisions of calculus, the other bein...
Pareto efficiency
Pareto efficiency, or Pareto optimality, is a state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off. The ter...
Pareto efficiency - Wikipedia
Walrasian auction
A Walrasian auction, introduced by Léon Walras, is a type of simultaneous auction where each agent calculates its demand for the good at every possible price and submits this to an auctioneer. The pri...
Linear algebra
Linear algebra is the branch of mathematics concerning vector spaces and linear mappings between such spaces. It includes the study of lines, planes, and subspaces, but is also concerned with propert...
Linear programming
Linear programming (LP; also called linear optimization) is a method to achieve the best outcome (such as maximum profit or lowest cost) in a mathematical model whose requirements are represented by l...
Linear programming - Wikipedia
Perron-Frobenius theorem
In linear algebra, the Perron–Frobenius theorem, proved by Oskar Perron (1907) and Georg Frobenius (1912), asserts that a real square matrix with positive entries has a unique larges...
Input-output model
In economics, an input–output model is a quantitative economic technique that represents the interdependencies between different branches of a national economy or different regional economies. Wassily...
Mathematical optimization
In mathematics, computer science, economics, or management science, mathematical optimization (alternatively, optimization or mathematical programming) is the selection of a best element (with regard ...
Mathematical optimization - Wikipedia
Dual problem
In mathematical optimization theory, duality means that optimization problems may be viewed from either of two perspectives, the primal problem or the dual problem (the duality principle). The solutio...
Dual problem - Wikipedia
Convexity in economics
Convexity is an important topic in economics. In the Arrow–Debreu model of general economic equilibrium, agents have convex budget sets and convex preferences: At equilibrium prices, the budget hyperp...
Convexity in economics - Wikipedia
Non-convexity (economics)
In economics, non-convexity refers to violations of the convexity assumptions of elementary economics. Basic economics textbooks concentrate on consumers with convex preferences (that do not prefer ex...
Non-convexity (economics) - Wikipedia
Simplex algorithm
In mathematical optimization, Dantzig's simplex algorithm (or simplex method) is a popular algorithm for linear programming. The journal Computing in Science and Engineering listed it as one of the to...
Simplex algorithm - Wikipedia
Nonlinear programming
In mathematics, nonlinear programming (NLP) is the process of solving an optimization problem defined by a system of equalities and inequalities, collectively termed constraints, over a set of unknown...
Lagrangian multiplier
In mathematical optimization, the method of Lagrange multipliers (named after Joseph Louis Lagrange) is a strategy for finding the local maxima and minima of a function subject to equality constraints...
Lagrangian multiplier - Wikipedia
Karush-Kuhn-Tucker conditions
In mathematical optimization, the Karush–Kuhn–Tucker (KKT) conditions (also known as the Kuhn–Tucker conditions) are first order necessary conditions for a solution in nonlinear programming to be opti...
Shadow price
The term "Shadow Price" or "Shadow Pricing" is used to refer to monetary values assigned to currently unknowable or difficult to calculate costs. The origin of these costs is typically due to an exte...
Shadow price - Wikipedia
Calculus of variations
Calculus of variations is a field of mathematical analysis that deals with maximizing or minimizing functionals, which are mappings from a set of functions to the real numbers. Functionals are often e...
Optimal control
Optimal control theory, an extension of the calculus of variations, is a mathematical optimization method for deriving control policies. The method is largely due to the work of Lev Pontryagin and his...
Dynamic programming
In mathematics, computer science, economics, and bioinformatics, dynamic programming is a method for solving a complex problem by breaking it down into a collection of simpler subproblems. It is appli...
Dynamic programming - Wikipedia
Game theory
Game theory is the study of strategic decision making. Specifically, it is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers." An alternative t...
Game theory - Wikipedia
Cooperative game
In game theory, a cooperative game is a game where groups of players ("coalitions") may enforce cooperative behaviour, hence the game is a competition between coalitions of players, rather than betwee...
Noncooperative game
In game theory, a non-cooperative game is one in which players make decisions independently. Thus, while players could cooperate, any cooperation must be self-enforcing. A game in which players can en...