Mathematical methods in decision making

Course Code :1201TEWKWM
Study domain:Mathematics
Academic year:2020-2021
Semester:2nd semester
Sequentiality:The student must have obtained a credit for the following course:

- 'Wiskunde met (bedrijfs)economische toepassingen' of 'Wiskunde' of 'Wiskundige methoden en technieken'
Contact hours:75
Study load (hours):168
Contract restrictions: No contract restriction
Language of instruction:Dutch
Exam period:exam in the 2nd semester
Lecturer(s)Ida Ruts

3. Course contents *

In this course, we will rely on the basic knowledge, understanding and skills, taught in the course "Mathematics with (business)economic applications". In particular, we study some specific classes of methods and techniques, inspired by typical processes in quantitative economic and business decision making. For each of these classes, we start from (business) economical questions, we then look at different methods useful for the solution of such questions, and we apply these methods and techniques to practical examples.
The first two out of the four subjects dealt with in this course, are ordinary differential equations and lineair difference equations, which are very useful mechanisms to describe and investigate continuous and discrete dynamical systems. The third group of methods consists of matrix models. These models have a lot of immmediate applications in economics and business, but they are also necessary as an introduction to the statistical methods which will be discussed in the course "Quantitative methods in decision making" (BA 3). Finally, we also take some time for an introduction in linear programming; we will have a look at graphical methods and at the simplex algorithm.