units

ECC5850

Faculty of Business and Economics

Skip to content | Change text size
 

print version

Monash University Handbook 2010 Postgraduate - Unit

6 points, SCA Band 0 (NATIONAL PRIORITY), 0.125 EFTSL

LevelPostgraduate
FacultyFaculty of Business and Economics
OfferedClayton First semester 2010 (Day)
Coordinator(s)Associate Professor Vai Lam Mui

Synopsis

Mathematical preliminaries; static optimisation theory; introduction to calculus of variations and optimal control theory; necessary and sufficient conditions; investment theory: costs of adjustment, neoclassical, Q theory; consumption theory; use of duality theory; growth models; Hamilton Jacobi theory; discrete time stochastic models; selected current applications.

Objectives

The learning goals associated with this unit are to:

  • understand the theories of static optimisation, including the first and second order conditions for the multi-dimensional case
  • analyse mathematically how changes in the economic environment affect economic agents' optimal decisions
  • analyse dynamic optimisation problems faced by economic agents
  • develop students' ability to access frontier research in economics that routinely makes use of many mathematical concepts in optimisation theories.

Assessment

Within semester assessment: 40%
Examination (3 hours): 60%

Chief examiner(s)

Birendra Rai

Contact hours

3 hours per week