Functional equations in economics

  • 260 Pages
  • 4.90 MB
  • English
Addison-Wesley Pub. Co., Advanced Book Program , Reading, Mass
Economics, Mathematical, Functional equa
StatementWolfgang Eichhorn.
SeriesApplied mathematics and computation ; no. 11
LC ClassificationsHB135 .E34
The Physical Object
Paginationxviii, 260 p. :
ID Numbers
Open LibraryOL4554705M
ISBN 100201019485, 0201019493
LC Control Number77024419

: Functional equations in economics (Applied mathematics and computation ; no. 11) (): Eichhorn, Wolfgang: BooksCited by: Functional equations in economics by Eichhorn, Wolfgang,Addison-Wesley Pub. Co., Advanced Book Program edition, in EnglishPages: Functional equations in economics.

[Wolfgang Eichhorn] Home. WorldCat Home About WorldCat Help. Search. Search for Library Items Search for Lists Search for Contacts Search for a Library. Create # Addison-Wesley Pub. Co., Advanced Book Program\/span>\n \u00A0\u00A0\u00A0\n schema. Functional equations in economics book Functional equations are much like algebraic equations, except that the unknown quantities are functions rather than real numbers.

This book is about functional equations: their role in contempo- rary mathematics as well as the body of techniques that is available for their solution. of functional equations — that is, the topic that deals with the search of functions which satisfy given equations, such as f(x + y) = f(x) + f(y).

Thistopicisnotonlyremarkableforitsbeautybutalsoimpressiveforthefactthatfunctional equationsariseinall areasofmathematicsand,evenmore,science,engineering,andsocial sciences. They appear at all levels. About this book Features new results and up-to-date advances in modeling and solving differential equations Introducing the various classes of functional differential equations, Functional Differential Equations: Advances and Applications presents the needed.

A typical functional equation will ask you to nd all functions satisfying so-and-so property, for example: Example (USAMO ) Find all functions f: R!R such that f(x2 y2) = xf(x) yf(y) over R. The answer is just f(x) = kx for some constant k.

Details Functional equations in economics EPUB

In any problem that asks you to \ nd all X satisfying Y", there are always two things you must. The aim of this book is to develop a unified approach to a wide class of equations. Previously,nstrate how this general theory can be applied to specific classes of functional differential equations.

The equation x˙ =Fx,(1). Functional equations have shown an incredible power to solve problems in Economics (see for example, Aczél (, b, a, ), Aczél and Alsina (); Aczél and Eichhorn (), Eichhorn (a, b, c), Eichhorn and Kolm (), Eichhorn and Gehrig () or Castillo et al.

()). They give many examples of applications, including interest formulas, price and quantity levels and. considered as being independent, so that one is dealing with a functional of two functions. Alternatively, a dependence on the real and the imaginary part of the wavefunctions can be used to characterize the functional.

A.2 Functional Derivative Usually knowledge of the complete functional F [f], as for example the classical ac. Numerical Methods in Economics.

Kenneth L. Judd.

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13 Projection Methods for Functional Equations – 2nd Edition. An Ordinary Differential Equation Example. Functional equations in economics book Partial Differential Equation Example. General Projection Method. Boundary Value. Broadly defined, behavioral equations can be used to describe the general institutional setting of a model, including the technological (e.g., production function) and legal (e.g., tax structure) aspects.

Before a behavioral equation can be written, however, it is always necessary to adopt definite assumptions regarding the behavior pattern of. understand economic arguments. A second goal, though, is to teach you to speak mathematics as a second language, that is, to make you comfortable talking about economics using the shorthand of mathematics.

In undergrad-uate courses economic arguments are often made using graphs. In graduate courses we tend to use equations.

If we substitute back in the HJB equation, we get a functional equation V(x) = f(h(x),x) +βV[g(h(x),x)]. Then solving the HJB equation means finding the function V(x) which solves the functional equation. If we are able to determine V(x) (explicitly or numer- ically) the we can also determine u∗ t= h(xt).

A functional relationship among three variables is. This equation indicates that U is a function “g” of the variables x and y.

In such functions, U is called the dependent variable because its value depends upon the values of x and y. The variables x and y are called independent variables because their values are given and determine U’s value. Chapter 6: Functional Form of the Regression. This chapter shows that the technique of linear regression is an extremely flexible method for describing data.

That flexibility derives from the possibility of being able to replace the variables in the regression equation with functions of the original variables.

Functional equations are equations where the unknowns are functions, rather than a traditional variable. However, the methods used to solve functional equations can be quite different than the methods for isolating a traditional variable.

Each functional equation provides some information about a function or about multiple functions. For example. Functional analysis is an abstract branch of mathematics that originated from classical anal-ysis.

The impetus came from applications: problems related to ordinary and partial differential equations, numerical analysis, calculus of variations, approximation theory, integral equations, and so on.

Further, the kind and level of sophistication of mathe­ matics applied in various sciences has changed drastically in recent years: measure theory is used (non-trivially) ~n re­ gional and theoretical economics; algebraic geometry interacts with physics; the Minkowsky lemma, coding theory and the structure of water meet one another in packing.

In the recent years a few new books appeared on the subject of functional equations. This book is a unique in style - it is aimed mostly for mathematics Olympiad contestants. This book consists of 20 chapters: 1. Cauchy's equations 2. Generalized Cauchy's equations 3.

Reducting to Cauchy 4. Substitutions 5. Symmetrization and Additional Variables s: 7. Features new results and up-to-date advances in modeling and solving differential equations Introducing the various classes of functional differential equations, Functional Differential Equations: Advances and Applications presents the needed tools and topics to study the various classes of.

Starting with equations that can be solved by simple substitutions, the book then moves to equations with several unknown functions and methods of reduction to differential and integral equations.

Also includes composite equations, equations with several unknown functions of several variables, vector and matrix equations, more.

Description Functional equations in economics PDF

edition. for Economic Analysis∗ Paul Schweinzer School of Economics, Statistics and Mathematics Birkbeck College, University of London Gresse Street, London W1T 1LL, UK Email: [email protected] Tel:Fax: ∗ This version (9th March ) is preliminary and incomplete; I am grateful for corrections or.

elasticity, Supply elasticity, Price elasticity, Income elasticity Cross elasticity –Engel function. Mathematical Economics Mathematical Economics is not a distinct branch of economics in the sense that public finance or international trade is.

Rather, it is an approach to Economic analysis, in which the. Economics is a social science concerned with the study of the consumption, production and exchange of goods and services. Economists develop mathematical models to describe real-world economic phenomena.

These models can be expressed using equations, words or diagrams. Economics lends itself to mathematical expression. This book covers topics in the theory and practice of functional equations.

Special emphasis is given to methods for solving functional equations that appear in mathematics contests, such as the Putnam competition and the International Mathematical Olympiad. Many examples, coming from different fields, as geometry, science, engineering, economics, probability, statistics, etc, illustrate the concept of functional equation.

Functional equations are presented as a powerful alternative to differential equations. The book. The book provides the reader with the different types of functional equations that s/he can find in practice, showing, step by step, how they can be solved.

A general methodology for solving functional equations is provided in Chapter 2. The different types of functional equations are described and solved in Chapters 3 to 8. Economics Network Maths for Economics PRINCIPLES AND FORMULAE g uv g N Exponential functions e ≈ is the exponential constant Graph of y = ex showing exponential growth Graph of y = e–x showing exponential decay Quadratic functions y = ax2 + bx + c Total cost functions TC = a + bq – cq2 + dq3 Inverse functions y = a/x = ax–1 q = a.

A Bellman equation, named after Richard E. Bellman, is a necessary condition for optimality associated with the mathematical optimization method known as dynamic programming. It writes the "value" of a decision problem at a certain point in time in terms of the payoff from some initial choices and the "value" of the remaining decision problem that results from those initial choices.

The Depreciation Function An important application of linear functions in nancial modeling is the depre-ciation function. In a nancial setting, a linear function with negative slope is called a depreci-ation function. Example A new sports car costs $40, and depreciates $ per year.

(a) Determine an equation for the depreciation function.Introduction to Calculus for Business and Economics I. Functions y = f(x) is a function of x if and only if, for each x in the domain of f(x), that is the values of x for which f(x) is defined, there is exactly one value of f(x).

Examples: 1. y = 2 - 3x is a function 2. And I doubt that linear equations are sufficient to describe aggregates of heterogeneous groups and goods and services.

Steve Keen has a book "Debunking Economics", written in a beautifully clear and entertaining form that debunks, assumption by assumption the foundational assumptions of neo-classical economics.