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An Explanation of Constrained Optimization for Economists by Peter Morgan (Hardback, 2015)

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 ecomics, 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 Ecomists 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.

Place of Publication
Toronto
Content Note
117 Figures
Author Biography
Peter B. Morgan is an associate professor in the Department of Economics at the University at Buffalo.
Date of Publication
22/04/2015
Country of Publication
Canada

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