An economic approach to some classical theorems in optimization theory
نویسنده
چکیده
This short article offers economically intuitive proofs of the Euler equation and the maximum principle based on one of the best known results in economics, namely that the marginal utility of one extra dollar spent on each consumption goods is the same for all the consumption goods as required by budget-constrained utility maximization.
منابع مشابه
Control Theory and Economic Policy Optimization: The Origin, Achievements and the Fading Optimism from a Historical Standpoint
Economists were interested in economic stabilization policies as early as the 1930’s but the formal applications of stability theory from the classical control theory to economic analysis appeared in the early 1950’s when a number of control engineers actively collaborated with economists on economic stability and feedback mechanisms. The theory of optimal control resulting from the contributio...
متن کاملArrow theorems in the fuzzy setting
Throughout this paper, our main idea is to analyze the Arrovian approach in a fuzzy context, paying attention to different extensions of the classical Arrow's model arising in mathematical Social Choice to aggregate preferences that the agents define on a set of alternatives. There is a wide set of extensions. Some of them give rise to an impossibility theorem as in the Arrovian classical mod...
متن کاملSequencing Mixed Model Assembly Line Problem to Minimize Line Stoppages Cost by a Modified Simulated Annealing Algorithm Based on Cloud Theory
This research presents a new application of the cloud theory-based simulated annealing algorithm to solve mixed model assembly line sequencing problems where line stoppage cost is expected to be optimized. This objective is highly significant in mixed model assembly line sequencing problems based on just-in-time production system. Moreover, this type of problem is NP-hard and solving this probl...
متن کاملA Single Machine Capacitated Production Planning Problem Under Uncertainty: A Grey Linear Programming Approach
The production planning is an important problem in most of manufacturing systems in practice. Unlike many researches existing in literature, this problem encounters with great uncertainties in parameters and input data. In this paper, a single machine capacitated production planning problem is considered and a linear programming formulation is presented. The production costs are assumed to be u...
متن کاملA Robust Scenario Based Approach in an Uncertain Condition Applied to Location-Allocation Distribution Centers Problem
The paper discusses the location-allocation model for logistic networks and distribution centers through considering uncertain parameters. In real-world cases, demands and transshipment costs change over the period of the time. This may lead to large cost deviation in total cost. Scenario based robust optimization approaches are proposed where occurrence probability of each scenario is not know...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
عنوان ژورنال:
- Optimization Letters
دوره 2 شماره
صفحات -
تاریخ انتشار 2008