An Explanation of Constrained Optimization for Economists

An Explanation of Constrained Optimization for Economists

By: Peter Morgan (author)Paperback

More than 4 weeks availability


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.

Create a review

About Author

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


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

Product Details

  • publication date: 20/04/2015
  • ISBN13: 9781442614468
  • Format: Paperback
  • Number Of Pages: 504
  • ID: 9781442614468
  • weight: 1360
  • ISBN10: 1442614463

Delivery Information

  • Saver Delivery: Yes
  • 1st Class Delivery: Yes
  • Courier Delivery: Yes
  • Store Delivery: Yes

Prices are for internet purchases only. Prices and availability in WHSmith Stores may vary significantly