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Instrumental Methods of Economic Analysis

2019/2020
Учебный год
ENG
Обучение ведется на английском языке
3
Кредиты
Статус:
Курс адаптационный
Когда читается:
1-й курс, 1 модуль

Преподаватель

Course Syllabus

Abstract

The course consists of lectures (8 hours) and tutorials (16 hours). The tutorials involve studying calculus and linear algebra methods and their application to solving constrained and unconstrained optimization problems using terms and concepts studied in class.
Learning Objectives

Learning Objectives

  • understanding the basic concepts of mathematical analysis and linear algebra
  • acquiring skills in solving optimization problems of various types
Expected Learning Outcomes

Expected Learning Outcomes

  • Understand the theory of elementary functions, methods of calculus related to the differentiation of single and multiple variable functions.
  • Know the necessary and sufficient conditions for concavity/convexity of the function and maximum/minimum.
  • Be able to solve unconstrained and constrained optimization problems
  • Have an understanding of the envelope theorem and be able to use it in the optimization problems
Course Contents

Course Contents

  • Linear algebra: operation with matrices, square matrices, determinant, eigenvalues and eigenvectors
  • Functions of one variable: derivative of the function, necessary and sufficient conditions for increasing/decreasing, concavity/convexity, extremum and inflection points
  • Functions of multiple variables: first and second order partial derivatives, Schwarz theorem, necessary and sufficient conditions for concavity/convexity and extremum points
  • Unconstrained optimization of multiple variables functions: necessary and sufficient conditions for local/global maximum/minimum, envelope theorem
  • Constrained optimization of multiple variable functions. Equality constrains: necessary and sufficient conditions for maximum/minimum, relationship between concavity/convexity of the function with the type of extremum. Inequality constrains: Kuhn-Tucker theorem, relationship between concavity/convexity of the function with the type of extremum
Assessment Elements

Assessment Elements

  • non-blocking class participation
  • non-blocking in class quizz
  • non-blocking exam
Interim Assessment

Interim Assessment

  • Interim assessment (1 module)
    0.1 * class participation + 0.4 * exam + 0.5 * in class quizz
Bibliography

Bibliography

Recommended Core Bibliography

  • Sundaram, R. K. (1996). A First Course in Optimization Theory. Cambridge University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.cup.cbooks.9780521497701

Recommended Additional Bibliography

  • Vinogradov, V. V. (2010). Mathematics for Economists. University of Chicago Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.ucp.bkecon.9788024616575