An Explanation of Constrained Optimization for Economists

By Peter B. Morgan

© 2015

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.

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Product Details

  • World Rights
  • Page Count: 504 pages
  • Dimensions: 8.5in x 1.3in x 11.1in
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Quick Overview

Peter B. Morgan’s Explanation of Constrained Optimization for Economists is an accessible, user-friendly guide that provides explanations, both written and visual, of the manner in which many constrained optimization problems can be solved.

An Explanation of Constrained Optimization for Economists

By Peter B. Morgan

© 2015

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.

Continue Reading Read Less

Product Details

  • World Rights
  • Page Count: 504 pages
  • Dimensions: 8.5in x 1.3in x 11.1in
  • Reviews

    An Explanation of Constrained Optimization for Economists presents fundamental mathematical concepts and tools for economists in innovative ways. The writing is vigorous and precise, yet easy to follow.”


    Quan Wen, Department of Economics, University of Washington

    “Peter Morgan has written the most student-friendly textbook of its level that I have seen. The organization is logical, the coverage accessible, and the book achieves a nice balance between rigor and intuition.”


    Jinhua Zhao, Department of Economics, Michigan State University
  • Author Information

    Peter B. Morgan is an associate professor in the Department of Economics at the University at Buffalo.
  • Table of contents

    1. Introduction

    2. Basics

    3. Basics of Topology

    4. Sequences and Convergence

    5. Continuity

    6. Hyperplanes and Separating Sets

    7. Cones

    8. Constrained Optimization, Part 1

    9. Lagrange Functions

    10. Constrained Optimization, Part 2

    11. Optimal Solutions and Maximum Values

    12. Comparative Statics Analysis, Part 1

    13. Differentiable Comparative Statics, Part 2

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