Foundations of Mathematical and Computational Economics
This is a book on the basics of mathematics and computation and their uses in economics for modern day students and practitioners. The reader is introduced to the basics of numerical analysis as well as the use of computer programs such as Matlab and Exce
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Kamran Dadkhah
Foundations of Mathematical and Computational Economics Second Edition
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Kamran Dadkhah Northeastern University Department of Economics Boston USA [email protected]
First edition published by Thomson South-Western 2007, ISBN 978-0324235838 ISBN 978-3-642-13747-1 e-ISBN 978-3-642-13748-8 DOI 10.1007/978-3-642-13748-8 Springer Heidelberg Dordrecht London New York © Springer-Verlag Berlin Heidelberg 2007, 2011 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign, Heidelberg Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
To Karen and my daughter, Lara
Preface
Mathematics is both a language of its own and a way of thinking; applying mathematics to economics reveals that mathematics is indeed inherent to economic life. The objective of this book is to teach mathematical knowledge and computational skills required for macro and microeconomic analysis, as well as econometrics. In addition, I hope it conveys a deeper understanding and appreciation of mathematics. Examples in the following chapters are chosen from all areas of economics and econometrics. Some have very practical applications, such as determining monthly mortgage payments; others involve more abstract models, such as systems of dynamic equations. Some examples are familiar in the study of micro and macroeconomics; others involve less well-known and more recent models, such as real business cycle theory. Increasingly, economists need to make complicated calculations. Systems of dynamic equations are used to forecast different economic variables several years into the future. Such systems are used to assess the effects of alternative policies, such as different methods of financing Social Security over a few decades. Also, many theories in microeconomics, industrial organization, and macroeconomics require modeling the behavior and interactions of many decision makers. These types of calculation require computational dexterity. Thus, this book provides an introduction to numerical methods, computation, and programming with Excel and Matlab. In addition, because of the increasing use of computer software such as Maple and Mathematica, sections are included to introduce the stude
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