Mathematical Economics
Course ID:
Semester: 8th
Year of Study:
Category: Economics Elective
For Erasmus Students: Όχι
Learning Outcomes
By the end of this course the student will be able to:
- Use efficiently the basic mathematical methods used in economic analysis and modeling.
- Model and analyze the most common research problems of economics and their dual i.e.: maximization of the utility function of the consumer and firm’s profits.
- Model the effect of time on the research problems in economics.
- Understand the connection between mathematical modeling and econometric modeling.
Course Contents
(A) Introduction: Minima / maxima of functions, total differentials, quadratic forms, the Hessian matrix, the envelope theorem, comparative static analysis.
(B1) Classical programming: optimization subject to equality constraints. The Lagrange method: economic interpretation and comparative static analysis. Applications in economics: utility maximization, expenditure minimization, cost minimization.
(B2) Nonlinear programming: optimization subject to inequality constraints. Kuhn-Tucker (K-T) conditions. The K-T conditions as necessary and sufficient conditions. Applications in Economics: “corner” solutions in the utility maximization problem, generalized conditions for cost minimization and profit maximization.
(C) Dynamic Programming: differential equations, difference equations, the Phase-Diagram technique. Local stability analysis. Introduction to Dynamic Programming.
Teaching Activities
Lectures (3 hours per week)
Teaching Organization
|
Activity |
Semester workload |
| Lectures, 3 hours per week |
(3×13) 39 hours |
| Study at home |
111 hours |
| Total number of hours for the Course (25 hours of work-load per ECTS credit) |
150 hours (total student work-load) |
Assessment
Written examination at the end of the semester (100%)
Use of ICT
Use of ICTs in teaching (PowerPoint) and communication with students (e-class).
Teaching Hours: 3
ECTS Credits: 6
Teaching Credits: 3
Weight: 1.5
Type:
Language: Ελληνική
Teaching Method: Πρόσωπο με πρόσωπο
General Competences: Εργασία σε διεπιστημονικό περιβάλλον, Παράγωγή νέων ερευνητικών ιδεών, Προαγωγή της ελεύθερης, δημιουργικής και επαγωγικής σκέψης
Γνωστικό Αντικείμενο:
Οργανική Μονάδα / Εργαστήριο:
E-mail: e.stergiou@upnet.gr
Τηλέφωνο:
Ώρες γραφείου:
eclass URL:
– Suggested Literature:
Chiang A.C., Wainwright K. (2009). Mathematical Methods of Economic Analysis. 2nd Edition. Kritiki Publications. Athens. (Chiang A.C., Wainwright K. (2009). Μαθηματικές Μέθοδοι Οικονομικής Ανάλυσης. 2η Έκδοση. Εκδόσεις Κριτική. Αθήνα.)
Hoy M., Livernois J., McKenna C., Stengos T., Kiritsis I. (ed.). (2012). Mathematics for Economics. 1st Edition. G. Dardanos. Athens. (Hoy M., Livernois J., McKenna C., Stengos T., Κυρίτσης Ι. (επιμ.). (2012). Μαθηματικά Οικονομικών Επιστημών. 1η Έκδοση. Γ. Δαρδάνος και ΣΙΑ. Αθήνα.)
Xepapadeas A.P., Giannikos I.X. (2009). Mathematical Methods in Economics. 1st Edition. G. Dardanos – K. Dardanos. Athens. (in Greek only) (Ξεπαπαδέας Α.Π., Γιαννίκος Ι.Χ. (2009). Μαθηματικές Μέθοδοι στα Οικονομικά. 1η Έκδοση. Γ. Δαρδάνος – Κ. Δαρδάνος ΟΕ. Αθήνα.)
Tsoulfidis L. (1999). Mathematics of Economic Analysis. 2nd Edition. G. Dardanos – K. Dardanos. Athens. (in Greek only) (Τσουλφίδης Λ. (1999). Μαθηματικά Οικονομικής Ανάλυσης. 2η Έκδοση. Γ. Δαρδάνος – Κ. Δαρδάνος ΟΕ. Αθήνα.)
