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Mathematical Economics: A Reader

Author

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  • Birendra K. Rai1
  • Chiu Ki So
  • Aaron Nicholas

Abstract

This paper is modeled as a hypothetical first lecture in a graduate Microeconomics or Mathematical Economics Course. We start with a detailed scrutiny of the notion of a utility function to motivate and describe the common patterns across Mathematical concepts and results that are used by economists. In the process we arrive at a classification of mathematical terms which is used to state mathematical results in economics. The usefulness of the classification scheme is illustrated with the help of a discussion of fixed-point theorems and Arrow's impossibility theorem. Several appendices provide a step-wise description of some mathematical concepts often used by economists and a few useful results in microeconomics.

Suggested Citation

  • Birendra K. Rai1 & Chiu Ki So & Aaron Nicholas, 2011. "Mathematical Economics: A Reader," Monash Economics Working Papers 02-11, Monash University, Department of Economics.
    • Handle: RePEc:mos:moswps:2011-02
    as

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    File URL: http://www.buseco.monash.edu.au/eco/research/papers/2011/0211mathematicalraisonicholas.pdf
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    References listed on IDEAS

    as
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    5. Gilboa,Itzhak, 2009. "Theory of Decision under Uncertainty," Cambridge Books, Cambridge University Press, number 9780521517324.
    6. Dietrich, Franz, 2006. "Judgment aggregation: (im)possibility theorems," Journal of Economic Theory, Elsevier, vol. 126(1), pages 286-298, January.
    7. Satterthwaite, Mark Allen, 1975. "Strategy-proofness and Arrow's conditions: Existence and correspondence theorems for voting procedures and social welfare functions," Journal of Economic Theory, Elsevier, vol. 10(2), pages 187-217, April.
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    Cited by:

    1. Kazeem Bello AJIDE & P.B. EREGHA, 2014. "Economic Freedom And Foreign Direct Investment In Ecowas Countries: A Panel Data Analysis," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 14(2).

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    More about this item

    Keywords

    Mathematics; Set theory; Utility function; Arrow's impossibility theorem;
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