Convex Structures and Economic Theory by Hukukane Nikaido, Richard Bellman

By Hukukane Nikaido, Richard Bellman

Arithmetic in technological know-how and Engineering, quantity fifty one: Convex constructions and fiscal idea includes an account of the idea of convex units and its program to a number of simple difficulties that originate in monetary thought and adjoining material. This quantity comprises examples of difficulties touching on attention-grabbing static and dynamic phenomena in linear and nonlinear monetary platforms, in addition to versions initiated by way of Leontief, von Neumann, and Walras. the subjects lined are the mathematical theorems on convexity, basic multisector linear platforms, balanced development in nonlinear platforms, and effective allocation and development. The operating of Walrasian aggressive economies, distinctive positive aspects of aggressive economies, and Jacobian matrix and international univalence also are coated. This book is acceptable for complex scholars of mathematical economics and comparable fields, yet is additionally helpful for a person who needs to familiarize yourself with the fundamental rules, equipment, and ends up in the mathematical therapy in financial concept via an in depth exposition of a couple of common consultant difficulties.

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Proof. (i) If K were not pointed, K would contain some nonzero x together with -x. This implies (x, y ) = 0 for all y E K*. K * is therefore contained in a hyperplane, which contradicts the assumption that K* has an interior point. 44 I . MATHEMATICAL THEOREMS ON CONVEXITY (ii) Assume that the interior of K* is empty, and K * is contained in a hyperplane ( a , y ) = 0. Since ( a , y ) = (--a, y ) = 0 for all y E K*, a and - a must belong to K**. 4 for a closed convex K, K** = K. Whence K 3 a, - a and a # 0, implying the nonpointedness of K, which is a contradiction.

S), then a closed (open) subset of Rni. X i is also (iii) If X i is a compact subset of Rni(i = 1,2, . . ,s), then compact. Proof. (i) is obvious by the definition of the linear structure (I), (11). To see (ii) and other similar results (which are not given explicitly here), we observe the simple fact that the mapping 7 c i , which is termed a projection, nfZl n:= ns=l ns= (x', . . , xi, .. , xS)-+ 7ci(x', . . , x i , . . , x") = x i : ir Rni-i R"' i= 1 is continuous. Since the inverse image of a closed (open) set is closed (open) under a continuous mapping, ns=l Rni as the intersection of a finite number of closed is closed (open) in (open) sets, if X i are closed (open) in Rni,respectively.

A hyperplane a i x i = is termed a supporting hyperplane of X if ( I ) X lies in one of the two closed halfspaces (either mi x i5 p or a i x i 2 /I) and ( 2 ) the hyperplane has a point in common with X . cific, i f a is one of the common poinfs of the hyperplane and X , we use the expression, a “supporting hyperplane at a. ’’ c;= I:=, In classical mathematical economics, problems that reduce to the maximization or minimization of some functions were handled by calculus. Its basic procedure of setting the derivatives equal to zero means essentially to seek for a tangential hyperplane or a supporting hyperplane.

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