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Article: A primer on mathematical modelling in economics

TitleA primer on mathematical modelling in economics
Authors
KeywordsUtility function
Arrow's impossibility theorem
Set theory
Issue Date2012
Citation
Journal of Economic Surveys, 2012, v. 26, n. 4, p. 594-615 How to Cite?
AbstractThe 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 scrutinrftxty 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. © 2010 Blackwell Publishing Ltd.
Persistent Identifierhttp://hdl.handle.net/10722/207915
ISSN
2015 Impact Factor: 2.091
2015 SCImago Journal Rankings: 2.080

 

DC FieldValueLanguage
dc.contributor.authorRai, BK-
dc.contributor.authorSo, CK-
dc.contributor.authorNicholas, A-
dc.date.accessioned2015-01-26T11:46:42Z-
dc.date.available2015-01-26T11:46:42Z-
dc.date.issued2012-
dc.identifier.citationJournal of Economic Surveys, 2012, v. 26, n. 4, p. 594-615-
dc.identifier.issn0950-0804-
dc.identifier.urihttp://hdl.handle.net/10722/207915-
dc.description.abstractThe 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 scrutinrftxty 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. © 2010 Blackwell Publishing Ltd.-
dc.languageeng-
dc.relation.ispartofJournal of Economic Surveys-
dc.subjectUtility function-
dc.subjectArrow's impossibility theorem-
dc.subjectSet theory-
dc.titleA primer on mathematical modelling in economics-
dc.typeArticle-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1111/j.1467-6419.2010.00655.x-
dc.identifier.scopuseid_2-s2.0-84864827268-
dc.identifier.volume26-
dc.identifier.issue4-
dc.identifier.spage594-
dc.identifier.epage615-
dc.identifier.eissn1467-6419-

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