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A Primer on Mathematical Modelling in Economics

22 Pages Posted: 7 Aug 2012  

Birendra K. Rai

Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Economics

Chiu Ki So

affiliation not provided to SSRN

Aaron Nicholas

affiliation not provided to SSRN

Date Written: September 2012

Abstract

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 subā€fields of economics.

Keywords: Arrow's impossibility theorem, Set theory, Utility function

Suggested Citation

Rai, Birendra K. and So, Chiu Ki and Nicholas, Aaron, A Primer on Mathematical Modelling in Economics (September 2012). Journal of Economic Surveys, Vol. 26, Issue 4, pp. 594-615, 2012. Available at SSRN: https://ssrn.com/abstract=2125667 or http://dx.doi.org/10.1111/j.1467-6419.2010.00655.x

Birendra K. Rai (Contact Author)

Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Economics ( email )

Kahlaische Strasse 10
D-07745 Jena, 07745
Germany

Chiu Ki So

affiliation not provided to SSRN

No Address Available

Aaron Nicholas

affiliation not provided to SSRN

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