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Mathematical Economics

Module Code: EC308C

Module Title: Mathematical Economics

  • ECTS Weighting: 5
  • Semester/Term Taught: Hilary Term
  • Contact Hours: 22 hours of lectures and 5 hours of tutorials
  • Module Personnel: Lecturer - Alejandra Ramos

Module Learning Aims

This half-module covers topics in linear algebra. The purpose  is to extend the treatment of linear algebra given in the Senior Freshman Mathematical and Statistical Methods module, and to study some of the applications of linear algebra and vector calculus in economics. The extensions are concerned with more rigorous exposition of a range of results in matrix algebra and vector space theory.

Module Content

  • Systems of Linear Equations and Matrices
  • Determinants
  • Eigenvalues and Eigenvectors
  • Quadratic Forms and Definite Matrices
  • Vectors and Vector Spaces
  • Algebra and Geometry of Ordinary Least Squares
  • Applications

Learning Outcomes

On successful completion of this module, you will be able to:

  • Formulate economic problems mathematically;
  • Apply mathematical techniques to economic problems in both dynamic and static settings;
  • Interpret mathematical formulations of economic problems;
  • Derive and draw economic insights from solutions to mathematically formulated economic models;
  • Program MATLAB code to represent and solve some mathematically formulated economic problems.

Satisfactory completion of this module will contribute to the development of the following key skills:

  • Ability to understand mathematical representations of economic models;
  • Ability to represent economic dynamics in mathematical form;
  • Ability to quantify insights from economic models;
  • Ability to synthesize different mathematical techniques when solving economic problems.

Recommended Reading List

  • Anton, H. and Rorres, C., Elementary Linear Algebra: Applications Version, (10th/11th edn.), Wiley, 2010/2014.

Module Pre Requisite

EC2040

Assessment Details

There will be a term test in Hilary Term accounting for 20% of the overall grade, and the final exam will comprise 80% of the overall grade.

Module Website

Blackboard