Accessible, concise, and interactive, this book introduces the mathematical methods that are indispensable in economics and finance. Fully updated to be as student friendly as possible, this edition contains extensive problems, worked examples and exercises (with full solutions at the end of the book). Two brand new chapters cover coupled systems of recurrence/differential equations, and matrix diagonalisation. All topics are motivated by problems from economics and finance, demonstrating to students how they can apply the mathematical techniques covered. For undergraduate students of economics, mathematics, or both, this book will be welcomed for its clarity and breadth and the many opportunities it provides for readers to practise and test their understanding.
An introduction to calculus and linear algebra for students of economics and related areas. Motivated throughout by problems from economics and finance, it covers the essential mathematics for a first-year university course in these areas, providing numerous examples and extensive exercises (with full solutions) to consolidate understanding.
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Review of the first edition: 'Throughout, the stress is firmly on how the mathematics relates to economics, and this is illustrated with copious examples and exercises that will foster depth of understanding.' L'Enseignement Mathématique
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A concise, interactive guide to the calculus and linear algebra needed for economics and finance, with extensive examples and exercises.
Preface to second edition; Preface to first edition;
1. Mathematical
models in economics;
2. Mathematical terms and notations;
3. Sequences,
recurrences, limits;
4. The elements of finance;
5. The cobweb model;
6.
Introduction to calculus;
7. Some special functions;
8. Introduction to
optimisation;
9. The derivative in economics I;
10. The derivative in
economics II;
11. Partial derivatives;
12. Applications of partial
derivatives;
13. Optimisation in two variables;
14. Vectors, preferences, and
convexity;
15. Matrix algebra;
16. Linear equations I;
17. Linear equations
II;
18. Inverse matrices;
19. The input-output model;
20. Determinants;
21.
Constrained optimisation;
22. Lagrangians and the consumer;
23. Second-order
recurrence equations;
24. Macroeconomic applications;
25. Areas and
integrals;
26. Techniques of integration;
27. First-order differential
equations;
28. Second-order differential equations;
29. Coupled systems and
diagonalisation;
30. Applications of diagonalisation; Appendix A. Solutions
to exercises; Appendix B. Answers to problems; Index.
Martin Anthony is Professor of Mathematics at the London School of Economics and Political Science, where he has been Head of Department and Vice-Chair of the Academic Board. He is the author of five books. Martin has been heavily involved in LSE's distance learning initiatives through the University of London International Programme and is a recipient of multiple LSE Teaching Excellence Awards. Norman Biggs is Professor Emeritus in the Department of Mathematics at the London School of Economics and Political Science, where he was Head of Department and Vice-Chair of the Appointments Committee. He is the author of thirteen books, including 'Discrete Mathematics' (Second Edition, 2002). He previously served as General Secretary of the London Mathematical Society.
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