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It is widely used in mathematics and, to a lesser extent, in business, economics, and some engineering problems. There is a close connection between linear programs, eigenequations, John von Neumann's general equilibrium model, and structural equilibrium models (see dual linear program for details).
where the economic meanings of and are the equilibrium prices of various goods and the equilibrium activity levels of various economic agents, respectively. The von Neumann's equilibrium model can be further extended to the following structural equilibrium model with A {\displaystyle \mathbf {A} } and B {\displaystyle \mathbf {B} } as matrix ...
The economic lot scheduling problem (ELSP) is a problem in operations management and inventory theory that has been studied by many researchers for more than 50 years. The term was first used in 1958 by professor Jack D. Rogers of Berkeley, [1] who extended the economic order quantity model to the case where there are several products to be produced on the same machine, so that one must decide ...
The IS/LM model is a Keynesian macroeconomic model designed to make predictions about the intersection of "real" economic activity (e.g. spending, income, savings rates) and decisions made in the financial markets (Money supply and Liquidity preference). The model is no longer widely taught at the graduate level but is common in undergraduate ...
The formal definition of the assignment problem (or linear assignment problem) is Given two sets, A and T, together with a weight function C : A × T → R. Find a bijection f : A → T such that the cost function: (, ()) is minimized.
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.
The optimization of portfolios is an example of multi-objective optimization in economics. Since the 1970s, economists have modeled dynamic decisions over time using control theory. [14] For example, dynamic search models are used to study labor-market behavior. [15] A crucial distinction is between deterministic and stochastic models. [16]
In mathematics and economics, transportation theory or transport theory is a name given to the study of optimal transportation and allocation of resources. The problem was formalized by the French mathematician Gaspard Monge in 1781. [1] In the 1920s A.N. Tolstoi was one of the first to study the transportation problem mathematically.