An Explanation of Constrained Optimization for Economists

by Peter Morgan and Peter B. Morgan

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 economics, 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...

• Format: Paperback
• Language: English
• ISBN: 1442614463
• ISBN13: 9781442614468
• Release Date: April 2015
• Publisher: University of Toronto Press
• Length: 504 Pages
• Weight: 3.05 lbs.
• Dimensions: 1.2" x 8.4" x 11.0"