An Explanation of Constrained Optimization for Economists

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.

Author: Peter Morgan
Publisher: University of Toronto Press
Published: 04/20/2015
Pages: 504
Binding Type: Paperback
Weight: 3.00lbs
Size: 11.00h x 8.40w x 1.20d
ISBN: 9781442614468

About the Author
Peter B. Morgan is an associate professor in the Department of Economics at the University at Buffalo.

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