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Mathematics, Computation, and Economics Read chapter Read first chapter

2011 | OriginalPaper | Chapter

12. Static Optimization

Author : Kamran Dadkhah

Published in: Foundations of Mathematical and Computational Economics

Publisher: Springer Berlin Heidelberg

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Abstract

A theory or model is the tool by which we organize our thought about a phenomenon and has to have the ability to explain or forecast. Economic processes are the outcome of the interaction of decisions made by many economic agents. It follows that any economic theory has to be based on some model of decision making by economic agents, be it individual, household, firm, or government. Preferably the behavioral assumptions underlying such a model are applicable to a variety of agents and do not vary in an ad hoc manner, because a science worthy of the name cannot consist of a bunch of unrelated models, each of which is applicable to only a special case. Indeed, it is quite easy to find a rationalization for any event or phenomenon after the fact.

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previous chapter Integration
next chapter Constrained Optimization
Footnotes
1
If \(f(x) < f(x^* )\), then \(f(x^* )\) is referred to as the strict maximum and if \(f(x) > f(x^* )\), then it is the strict minimum.
 
2
The case where the second and higher derivatives are zero is taken up later.
 
3
Extremum is a generic word for any point on the function where the first derivative is equal to zero and includes maximum, minimum, and as will be seen later, the inflection point.
 
4
Procedures for maximizing a function are similar to minimization discussed in this section. Note that minimizing \(- f\left( {\textbf{x}} \right)\) results in maximizing \(f\left( {\textbf{x}} \right)\).
 
Metadata
Title
Static Optimization
Author
Kamran Dadkhah
Copyright Year
2011
Publisher
Springer Berlin Heidelberg
Book
Foundations of Mathematical and Computational Economics

Print ISBN: 978-3-642-13747-1

Electronic ISBN: 978-3-642-13748-8

Copyright Year: 2011

DOI
https://doi.org/10.1007/978-3-642-13748-8_12