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Mathematical Optimization and Economic Theory Michael D. Intriligator
Publisher: Society for Industrial Mathematics

The citation is to the A lot of it involves mathematical statements about overlapping areas of graphed curves, so you may prefer Micha Ghertner's classic Alchian-inspired post What Does The Free Market Require? When I took Macro Econ, I was also becoming familiar with the mathematics of optimization. It's because maybe if he had been forced to take Intro Economics, the 12th President of the Federal Reserve Bank of Minneapolis, who holds a PhD in Economics from the University of Kocherlakota is being accused of treating theories naively as mathematical equations, divorced from empirical common sense (or uncommon sense, as the case may be). But to give you an example outside my own field, game theory has been used as a replacement for naive utility optimization to serve as a basis for modelling economic interaction, and it is fundamentally a mathematical theory. What's surprising is his citation of Gary Becker as one of the theorists who worked with irrationality, since Becker is famous for applying “economic imperialism” of rational choice theory to areas traditionally considered part of sociology (crime, families, etc). He focuses on basic insights of the rational choice paradigm—the general conceptualization rather than a particular theory—that survive recent (and well-justified) critiques of economic theory's various failures. These are errors in high school level mathematics and elementary microeconomics. A “competitive” firm in economic theory is one which takes prices as given, ignoring the effect of its own output on price. When I participated in a year-long Ford Foundation program at Harvard in advanced mathematics, I met some marketing professors and realized that the discipline of marketing was the missing link in economic theory and practice. In the process, I'll be referring to Nicholas Georgescu-Roegen's The Entropy Law and the Economic Process (1971) and Mathematical Optimization and Economic Theory, by Michael Intriligator (1971). Gilboa explains the main Chapters cover feasibility and desirability, utility maximization, constrained optimization, expected utility, probability and statistics, aggregation of preferences, games and equilibria, free markets, and rationality and emotions. They are using conjoint analysis to choose the product's features that will optimize profit returns. The journal Energy Systems presents mathematical programming, control, and economic approaches towards energy systems related topics, and is especially relevant in light of the major worldwide challenges confronting humanity in The text includes mathematical theory and algorithms for stochastic optimization methods applied to energy problems, as well as modeling issues such as process optimization, synthesis, design and operation. In 1967, I wrote my first edition of Marketing Management (now in the .