Do Mathematicians do Economics Better?
In my optimization class we were talking about maximin problems. A maximin problem is a problem that maximizes the lowest outcome (maximize f when f(x1,x2,…xn) = min{x1,x2,…xn}. Our professor made the claim that “… economics is focused on maximin problems or should be focused on”. I felt like this statement grossly understated my major and the range of economics. Even the optimization problems we face in economics have a wide variety such as profit optimization, game theoretical optimization, utility optimization, etc. not to mention the other sectors of economics that don’t include optimization. However, he does deserve some credit. Maximin Continue reading Do Mathematicians do Economics Better?