THE APPLICATION OF MATHEMATICAL MODELS IN DESCRIBING REAL ECONOMIC PROCESSES
THE APPLICATION OF MATHEMATICAL MODELS IN DESCRIBING REAL ECONOMIC PROCESSES

Summary/Abstract: Zhang uses computer simulation to demonstrate motion of economic systems. Benso demonstrates that an import tariff can lead to falling prices in the domestic economy, depending on the assumptions about demand functions and behavioral strategies. Giocoli asserts that economic analysis in the general equilibrium tradition has reduced itself to a mere mathematical exercise. van Daal and Jolink deal with mathematics in economics, free competition, and price determination under a regime of free competition and utility. Janssen et al. cover financial mathematics in a deterministic context, assuming that the monetary income and outcome movements will happen and in the prefixed amount. Sriboonchitta et al. are concerned with decisions based upon stochastic dominance rules in financial economics.

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