A primer on mathematical modelling in economics

Rai, Birendra K., So, Chiu Ki and Nicholas, Aaron 2012, A primer on mathematical modelling in economics, Journal of economic surveys, vol. 26, no. 4, pp. 594-615.

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Title A primer on mathematical modelling in economics
Author(s) Rai, Birendra K.
So, Chiu Ki
Nicholas, Aaron
Journal name Journal of economic surveys
Volume number 26
Issue number 4
Start page 594
End page 615
Total pages 22
Publisher Blackwell Publishing Ltd
Place of publication Oxford, England
Publication date 2012-09
ISSN 0950-0804
1467-6419
Keyword(s) Arrow's impossibility theorem
set theory
utility function
Summary The Commission on Graduate Education in Economics had raised several concerns regarding the role of mathematics in graduate training in economics (Krueger, 1991; Colander, 1998, 2005). This paper undertakes 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 one arrives 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 Arrow's impossibility theorem. Common knowledge of the patterns in mathematical concepts and results could be effective in enhancing communication between students, teachers and researchers specializing in different sub-fields of economics.
Language eng
Field of Research 149999 Economics not elsewhere classified
Socio Economic Objective 970114 Expanding Knowledge in Economics
HERDC Research category C1.1 Refereed article in a scholarly journal
HERDC collection year 2010
Copyright notice ©2010, Blackwell Publishing Ltd
Persistent URL http://hdl.handle.net/10536/DRO/DU:30032686

Document type: Journal Article
Collection: Deakin Graduate School of Business
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