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Mathematical Economics B

Module Code: ECU33082

Module Title: Mathematical Economics B

  • ECTS Weighting: 5
  • Semester/Term Taught: Semester 2
  • Contact Hours: 22 hours of lectures and 5 hours of tutorials
  • Module Personnel: Lecturer - Prof Alejandra Ramos

Module Learning Aims

This 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, and to study applications of linear algebra in economics. The extensions are concerned with more a 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
  • Vectors and Vector Spaces
  • Applications: Social and Economic Networks;
  • Applications: Markov Chains;
  • Applications: Algebra and Geometry of Ordinary Least Squares.

Learning Outcomes

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

  • Proof simple linear algebra theorems;
  • Formulate economic problems using linear algebra;
  • Apply linear algebra solution concepts to economic problems;
  • Draw economic insights from solutions to mathematically formulated economic models;

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 use different mathematical techniques to solve economic problems;
  • Ability to choose the best (most efficient) mathematical technique for a given economic problem.

Recommended Reading List

Lay, David C., Lay, Steven R. and McDonald, Judi J (2016), Linear Algebra and its Applications, Global Edition. Pearson Education.

Module Pre Requisite

EC22031 & EC22032 Mathematical and Statistical Methods

Assessment Details

There will be regular homework accounting for 60% and a term project comprising 40% of the overall grade.

Module Website

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