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The mathematical tools and concepts used in advanced economic theory. Integrates mathematics and economics to highlight the insights mathematics can bring to economic analysis.
Mathematical economics applies various mathematical techniques to problems in theoretical
and empirical economics. This branch of economics dates from the nineteenth century
and has developed at natural rate of increase in recent decades. Mathematics is increasingly
important in terms of the expression and communication of ideas in economics. So,
a good knowledge of key mathematic techniques is indispensable for fully understanding
almost all fields of economics.
Advanced economics makes extensive use of formal mathematical models. This course covers the basic mathematical techniques required for rigorous study of economics, and it will provide extensive instruction on applications of these techniques to economic problems. Wherever possible, familiar micro and macro models will be used to place these tools in economic contexts. Examples and motivation are drawn from important topics in economics.
|Paper title||Mathematical Economics|
|Teaching period||Second Semester|
|Domestic Tuition Fees (NZD)||$872.70|
|International Tuition Fees (NZD)||$4,405.05|
- ECON 202 and ECON 271
- ECON 270 and ECON 370
- Schedule C
- Arts and Music, Commerce, Science
ECON 377 is an entry requirement for postgraduate programmes (Honours, MBus, PGDip) in economics at the University of Otago. All students who intend to do a postgraduate study in economics need to include this paper in their bachelor's degree programme.
- Teaching staff
Different sections of the course draw on the following textbooks:
- Baldani, J., Bradfield, J., Turner, R. W. (2013). Mathematical Economics (3rd edition). Linus Publications.
- Hoy, M., Livernois, J., McKena, C., Rees, R., Stengos, T. (2011). Mathematics for Economics (3rd edition). MIT Press.
- Sydsaeter, K., Hammond, P. (2006). Essential Mathematics for Economic Analysis (2nd edition). FT Prentice Hall.
- Simon, C. P., Blume, L. (1994). Mathematics for Economists. W. W. Norton & Company.
- Graduate Attributes Emphasised
- Lifelong learning, Scholarship, Critical thinking, Research, Self-motivation.
View more information about Otago's graduate attributes.
- Learning Outcomes
Students who successfully complete this paper will be able to
- Use and explain the underlying principles, terminology, methods, techniques and conventions used in the subject
- Solve economic problems using the mathematical methods developed in the course
- Develop a set of problem-solving and analytical skills to solve problems in other fields of study and everyday decisions
- Develop an initial understanding of how to frame economic modelling ideas in a mathematical format
- Possess a solid grasp of essential mathematical tools required for the further studies in economic theory