Mathematical Economics - ECO00057M
- Department: Economics and Related Studies
- Credit value: 10 credits
- Credit level: M
- Academic year of delivery: 2022-23
Module summary
The module serves as an introduction to formulating and analysing economic problems in a mathematically rigorous manner. It is aimed primarily at those doctoral students who wish to work in areas in which they will have to read material that is technically demanding. There will be lectures on optimization, a narrow area that will be studied in some depth, followed by student presentations on topics chosen with the lecturer’s approval.
Module will run
| Occurrence | Teaching period |
|---|---|
| A | Autumn Term 2022-23 |
Module aims
To introduce students to optimisation at an adequate level. Emphasis will be laid on both an intuitive grasp of the material (by using geometry in the exposition and examples) and on formal proofs. The topics covered include elementary analysis, Lagranges method, convex analysis, separation theorems, Kuhn-Tucker result on local maximisation, concave programming, quasiconcave programming, Euler-Lagrange conditions, discrete time dynamic programming under certainty, and a study of the corresponding Bellman Equation.
Module learning outcomes
On completing the course of lectures the student is expected to recognize a proof, and to identify the technique appropriate for resolving optimisation problems that one encounters in economics. By extension, the training should permit the student to access other tools from mathematics that are used in economic analysis. The presentations will allow students to develop the technical skills necessary to engage in research in areas of their choice.
Indicative assessment
| Task | % of module mark |
|---|---|
| Essay/coursework | 25 |
| Oral presentation/seminar/exam | 75 |
Special assessment rules
None
Indicative reassessment
| Task | % of module mark |
|---|---|
| Essay/coursework | 25 |
| Oral presentation/seminar/exam | 75 |
Module feedback
Feedback will be provided to students in line with University guidelines.
Indicative reading
- SUNDARAM, R. K.: A First Course in Optimization Theory, Cambridge, 1996.
- DIXIT, A. K.: Optimization in Economic Theory, Oxford, 1976/1990.
- MANGASARIAN, O. L.: Nonlinear Programming, McGraw Hill, 1969.
- RUDIN, W.: Principles of Mathematical Analysis, McGraw Hill, 1976.
- STOKEY, N. L., AND R. E. LUCAS: Recursive Methods in Economic Dynamics, Harvard, 1989.