Optimization

Much economic reasoning depends on the primitive operation of identifying the best choice among a set of alternatives, sometimes given constraints.

Elements

1. 1.2.aOptimize over a Discrete Set

   The ability to identify the biggest or smallest among a set of explicitly given alternatives.

2. 1.2.bOptimize a Continuous Function

   The ability to identify a maximum or minimum value given a specific continuous relationship between independent and dependent variables.

3. 1.2.cConstrained Optimization

   The ability to find the maximum or minimum of a function subject to constraints.