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In a sense nearly all economic problems are constrained because we are interested almost exclusively in non-negative numbers for variables like output and
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That would be the Lagrangian Method. Consider now a constrained optimization problem with equality constraints. max x. F(x).
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In economic applications unconstrained optimisation is a relatively rare case. More often
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The course covers unconstrained equality constrained and inequality constrained optimization problems including linear programming and a discussion of the Kuhn
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This is not a very interesting case for economics which typically deals with problems where resources are constrained but represents a natural starting point
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Our agents may face constraints such as budget equations short-sale restric- tions or incentive-compatibility constraints There are also unconstrained
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Until now we have consider unconstrained problems Usually economic agents face natural constraints Consumer's problem: Suppose that a consumer has a
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