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Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics.Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods.
Alpha Chung-i Chiang (born 1927) is an American mathematical economist, Professor Emeritus of Economics at the University of Connecticut, and author of perhaps the most well known mathematical economics textbook; Fundamental Methods of Mathematical Economics.
Description: The book by the mathematician John von Neumann and economist Oskar Morgenstern. It contained a mathematical theory of economic and social organization, based on a theory of games of strategy. This is now a classic work, upon which modern-day game theory is based.
Samuelson considered mathematics to be the "natural language" for economists and contributed significantly to the mathematical foundations of economics with his book Foundations of Economic Analysis. [9] He was author of the best-selling economics textbook of all time: Economics: An Introductory Analysis, first published in 1948. [10]
The front page quotes the motto of J. Willard Gibbs: "Mathematics is a language."The book begins with this statement: The existence of analogies between central features of various theories implies the existence of a general theory which underlies the particular theories and unifies them with respect to those central features.
Truman Fassett Bewley (born July 19, 1941) is an American economist. He is the Alfred Cowles Professor of Economics at Yale University. [1] Originally specializing in mathematical economics and general equilibrium theory, since the late 1990s Bewley has gained renown for his work on sticky wages. [2]
Theorem — Let be a positive integer. If : {: =,, >} is a set-valued function with closed graph that satisfies Walras's law, then there exists an economy with households indexed by , with no producers ("pure exchange economy"), and household endowments {} such that each household satisfies all assumptions in the "Assumptions" section except the "strict convexity" assumption, and is the excess ...
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