Programme And Module Handbook
Course Details in 2019/20 Session

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Module Title LI Optimization for Economics
SchoolBirmingham Business School
Department Birmingham Business School
Module Code 08 03319
Module Lead Ralph Bailey
Level Intermediate Level
Credits 10
Semester Semester 1
Restrictions Available to all students who have been allowed onto the second year of a degree programme for which it is a compulsory module or who have passed Advanced Mathematics for Economics.
Contact Hours Lecture-15 hours
Seminar-6 hours
Guided independent study-79 hours
Total: 100 hours

In this module, students will continue to develop the mathematical background necessary to cope with intermediate economic theory and intermediate econometrics. The core theme covered is the optimization of quantities (such as profit, utility, cost, social welfare, or likelihood) which depend on several variables that may have to satisfy constraints. Optimization theory and techniques underlie the workings of the entire subject area of economics. The main topics covered are: unconstrained optimization, numerical optimization, optimization with equality constraints, dynamic optimization, optimization with inequality constraints.

Learning Outcomes

By the end of the module students should be able to:

  • demonstrate knowledge and critical understanding of the most fruitful methods of optimization;
  • identify and apply these methods logically and accurately;
  • demonstrate knowledge and critical understanding of how the principles and techniques of optimization are useful in various applications in economics.
Assessment 03319-01 : Exam : Exam (Centrally Timetabled) - Written Unseen (100%)
Assessment Methods & Exceptions Assessment: 2 hour written examination (100%), Reassessment: 2-hour written examination (100%)
Reading List