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An Explanation of Constrained Optimization for Economists

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An Explanation of Constrained Optimization for EconomistsAuthor: Peter Morgan ISBN: 9781442614468 Publisher: University of Toronto Press Year first published: 20 Apr 2015 Pages: 504 Format: Paperback softback In a constrained optimization problem, the decisionmaker wants to select the "optimal" choice the one most valuable to him or her that also meets all of the constraints imposed by the problem. Such problems are at the heart of modern economics, where the typical behavioral postulate is that a

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