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Mathematical Economics B

Module Code: ECU33082 (old code EC3181)

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 - Professor 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 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
  • Algebra and Geometry of Ordinary Least Squares
  • Applications: Social and Economic Networks, Markov Chains

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

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

Module Pre Requisite

EC2140 & EC2141 Mathematical and Statistical Methods and ECU33081 Mathematical Economics B

Assessment Details

There will be a term test accounting for 30% of the overall grade, homework accounting for 20% and a term project comprising 50% of the overall grade.

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