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Iterative methods used to solve economic systems

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  • Popirlan Cristina

Abstract

The paper presents the methods Jacobi and Gauss Seidel used to solve linear systems with applications in economics. These two classical algorithms are used to analyze the relationship between supply and demand. It makes such an analysis of the price development of a product in relation to the quantity purchased. Numerical experiments are performed in order to study the application of the two algorithms and to analyze the results of using these classical iterative methods (Jacobi and Gauss Seidel).

Suggested Citation

  • Popirlan Cristina, 2015. "Iterative methods used to solve economic systems," Impact of Socio-economic and Technological Transformations at National, European and International Level (ISETT), Institute for World Economy, Romanian Academy, vol. 3.
    • Handle: RePEc:iem:imptrs:v:3:y:2015:id:2822000009326163
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    More about this item

    Keywords

    iterative algorithm; Jacobi algorithm; Seidel Gauss algorithm;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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