Syllabus
The key components of the syllabus are outlined below. You can access the complete syllabus in PDF format by clicking here.
Key Components
The economy is shaped by the actions of various economic agents, each driven by their own unique set of incentives and constraints. Understanding this complex system is challenging, as it involves tracking the interplay among several moving pieces. Enter Mathematics, the protagonist of this story, which elegantly enables us to represent complex economic relationships and interactions. Mathematical economic models, while often simplifications of reality, provide us with a structured way of thinking about economic issues.
This class will introduce you to the world of mathematical economics. We will cover essential tools used in economics, including linear algebra, calculus, and optimization, and apply them to economic problems. For example, you will learn how to express and solve complex systems of equations that describe the economy using matrix algebra and to solve unconstrained and constrained optimization problems, such as those related to utility maximization, price determination, wage setting, and more.
We will also spend some time considering suitable assumptions to effectively model specific aspects of the economy. Hopefully, after this class, you will develop an appreciation for mathematical economics and be able to think critically about the advantages and limitations of this approach to understanding economics.
Upon successful completion of this course, students will:
Gain a deep understanding of essential mathematical tools used in economics, including the application of matrix algebra to solve systems of equations and the solving of constrained and unconstrained optimization problems.
Learn how these mathematical tools are applied to a range of economic issues, from analyzing firm and consumer behavior to implications of fiscal policies, preparing students for graduate-level coursework in economics.
Develop the ability to mathematically model economic phenomenon, carefully considering the appropriate assumptions to best represent specific behavior of economic agents or particular market structures.
All course materials, including lecture slides, worksheets, and practice problems with solutions, are available on the course website. These materials should generally be sufficient for your study needs. However, if you find yourself needing more detailed explanations for certain topics, you might consider acquiring the following textbook that this course is based on:
- Chiang, Alpha C, and Wainwright K. (2005), Fundamental Methods of Mathematical Economics: 4th edition
You can often find a used copy of the textbook at an affordable price on AbeBooks. If you wish to have the textbook but are unable to acquire it due to financial constraints or other reasons, please email me and I will try my best to find you one.
If you are enrolled in this course for undergraduate-level credit, your grade will be determined by attendance, four in-class quizzes, and three exams, with the following breakdown:
| Component | Points |
|---|---|
| Attendance | 10 |
| Quizzes | 20 |
| Midterm Exam 1 | 20 |
| Midterm Exam 2 | 20 |
| Final Exam | 30 |
Attendance is taken on five randomly chosen, unannounced days over the semester, worth 2 points each and scored all-or-nothing.
If you are enrolled in this course for graduate-level credit, you must also complete a project using Python, due on the last day of class. For graduate students, the 10 points allotted to attendance are instead allotted to the project; all other components are unchanged.