an explanation of constrained optimization for economists

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1、ANEXPLANATIONOFCONSTRAINEDOPTIMIZATIONFORECONOMISTSInaconstrainedoptimizationproblem,thedecisionmakerwantstoselectthe“optimal”choice–theonemostvaluabletohimorher–thatmeetsalloftheconstraintsimposedbytheproblem.Suchproblemsareattheheartofmoderneconomics,whereth

2、etypicalbehavioralpostulateisthatadecisionmakerbehaves“rationally”;thatis,choosesoptimallyfromasetofconstrainedchoices.Mostbooksonconstrainedoptimizationaretechnicalandfullofjargonthatmakesithardfortheinexperiencedreadertogainanholis-ticunderstandingofthetopic

3、.PeterB.Morgan’sExplanationofCon-strainedOptimizationforEconomistssolvesthisproblembyemphasiz-ingexplanations,bothwrittenandvisual,ofthemannerinwhichmanyconstrainedoptimizationproblemscanbesolved.Suitableasatext-bookorareferenceforadvancedundergraduateandgradu

4、atestudentsfamiliarwiththebasicsofone-variablecalculusandlinearalgebra,thisbookisanaccessible,user-friendlyguidetothiskeyconcept.PETERB.MORGANisanassociateprofessorintheDepartmentofEconomicsattheUniversityatBuffalo.ThispageintentionallyleftblankAnExplanationofC

5、onstrainedOptimizationforEconomistsPETERB.MORGANUNIVERSITYOFTORONTOPRESSTorontoBuffaloLondoncUniversityofTorontoPress2015TorontoBuffaloLondonwww.utpublishing.comPrintedintheU.S.A.ISBN978-1-4426-4278-2(cloth)ISBN978-1-4426-7777-4(paper)Printedonacid-freepaper.Li

6、braryandArchivesCanadaCataloguinginPublicationMorgan,PeterB.,1949–,authorAnExplanationofConstrainedOptimizationforEconomists/PeterB.MorganIncludesbibliographicalreferencesandindex.ISBN978-1-4426-4653-7(bound).ISBN978-1-4426-1446-8(pbk.)1.Constrainedoptimizatio

7、n.2.Economics,Mathematical.I.Title.QA323.M672015519.6C2015-900428-4UniversityofTorontoacknowledgesthefinancialassistancetoitspublishingprogramoftheCanadaCouncilfortheArtsandtheOntarioArtsCouncil,anagencyoftheGovernmentofOntario.anOntariogovernmentagencyunorgani

8、smedugouvernementdel’OntarioUniversityofTorontoPressacknowledgesthefinancialsupportoftheGovernmentofCanadathroughtheCanadaBookFundforitspublishingactivities.Tomygrandmother,PhoebePo