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Optimization

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Optimization

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AashiAGoyal
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© © All Rights Reserved
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EC(1264)-03.02.

2023

DISCIPLINE SPECIFIC CORE COURSE -6 (DSC-6): Optimization


Methods for Economic Analysis

Duration (per week)


Course title Eligibility
Credits Prerequisite
& Code Practical/ Criteria
Lecture Tutorial
Practice
Optimization
Methods for
Economic 4 3 1 0 Class 12th NIL
Analysis –
ECON023

Learning Objectives

The Learning Objectives of this course are as follows:


• This course covers mathematical techniques used for comparative-static analysis and optimisation
problems under various circumstances.
• The objective of this course is to transmit the body of basic mathematics that enables the study of
economic theory.
• This course, in particular, includes rules of differentiation and its application in comparative-
statistic analysis, unconstrained and constrained optimisation problems.

Learning outcomes

The Learning outcomes of this course are as follows:


• The students will be able to solve optimal solution and policy impacts using comparative- static
analysis and statistic optimisation techniques.
• This offers the mathematical foundations necessary for further study of a variety of disciplines
including postgraduate economics, statistics, computer science, finance and data analytic.
• The analytical tools introduced in this course will help them to apply optimization techniques used
in business decision-making for managers, entrepreneurs and policy makers alike.

Syllabus

UNIT I: Comparative-Static Analysis (20 hours)


Derivatives, Slopes, Limit Theorem

UNIT II: Differentials and its role in Comparative static analysis (20 hours)

UNIT III: Optimisation Problems (20 hours)


Unconstrained and constrained optimisation with single and multiple variables, Lagrangian functions, quasi-
concavity and convexity, envelope theorem

Recommended readings
• Chiang, A and Wainwright, K. (2005). Fundamental methods of mathematical economics. Boston,
Mass. McGraw-Hill/Irwin.
• Sydsaeter, K., Hammond, P. (2002). Mathematics for economic analysis, Pearson Educational.
• Hoy, M., Livernois, J., McKenna, C., Rees, R., Stengos, T. (2001). Mathematics for Economics,
Prentice-Hall India.
Note: Examination scheme and mode shall be as prescribed by the Examination Branch, University
of Delhi, from time to time.

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