Mathematical economics is the sub-field of economics that explores the mathematical aspects of economic systems. U.S. Economic Calendar Economics at the Open Directory Project Economics textbooks on Wikibooks The Economists Economics A-Z Institutions and organizations Bureau of Labor Statistics - from the American Labor Department Center for Economic and Policy Research (USA) National Bureau of Economic Research (USA) - Economics material from the organization... Wikibooks Wikiversity has more about this subject: School of Mathematics Wikiquote has a collection of quotations related to: Mathematics Look up Mathematics on Wiktionary, the free dictionary Wikimedia Commons has media related to: Mathematics Bogomolny, Alexander: Interactive Mathematics Miscellany and Puzzles. ...

Modern mainstream economic research typically makes extensive use of formal mathematics and mathematical modelling. As a result, the distinction between mathematical and non-mathematical economics is much less clear today than it once was. The mathematical tools economists use today are often applied in other sciences and applied mathematics as well. Wikibooks Wikiversity has more about this subject: School of Mathematics Wikiquote has a collection of quotations related to: Mathematics Look up Mathematics on Wiktionary, the free dictionary Wikimedia Commons has media related to: Mathematics Bogomolny, Alexander: Interactive Mathematics Miscellany and Puzzles. ... A mathematical model is an abstract model that uses mathematical language to describe the behaviour of a system. ... Economists are scholars conducting research in the field of economics. ... Applied mathematics is a branch of mathematics that concerns itself with the application of mathematical knowledge to other domains. ...

Mathematical economics can be regarded as the "theoretical" counterpart of econometrics, which attempts to analyse the real world of economic activity using statistical techniques. Econometrics literally means economic measurement. It is a combination of mathematical economics, statistics, economic statistics and economic theory. ... Statistics is a type of data analysis which includes the planning, summarizing, and interpreting of observations of a system possibly followed by predicting or forecasting of future events based on a mathematical model of the system being observed. ...

Issues within mathematical economics

• Arbitrage
• Black-Scholes equation
• Game theory
• Growth theory
• Information theory
• Wealth condensation

In economics, arbitrage is the practice of taking advantage of a state of imbalance between two or more markets: a combination of matching deals are struck that exploit the imbalance, the profit being the difference between the market prices. ... The Black-Scholes model, often simply called Black-Scholes, is a model of the varying price over time of financial instruments, and in particular stocks. ... Game theory is a branch of applied mathematics that studies strategic situations where players choose different actions in an attempt to maximize their returns. ... Economic growth is the increase in the value of goods and services produced by an economy. ... Information theory is the mathematical theory of data communication and storage founded in 1948 by Claude E. Shannon. ... Wealth condensation is a theoretical process by which, in certain conditions, newly-created wealth tends to become concentrated in the possession of already-wealthy individuals or entities. ...

Mathematical economists

Famous mathematical economists include, but are not limited to the following list.

• Amartya Sen
• Herbert A. Simon
• Sir James Mirrlees
• John Nash
• Kenneth Arrow
• Gerard Debreu

Amartya Sen Amartya Kumar Sen (born November 3, 1933) is an Indian economist best known for his work on famine, human development theory, welfare economics, the underlying mechanisms of poverty, and political liberalism. ... Herbert Alexander Simon (June 15, 1916 – February 9, 2001) was a researcher in the fields of cognitive psychology, computer science, public administration, economics and philosophy (sometimes described as a polymath). ... James Alexander Mirrlees (born July 5, 1936, Minnigaff, Scotland) is a Scottish economist and winner of the 1996 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ... John Forbes Nash John Forbes Nash Jr. ... Kenneth Joseph Arrow (born August 23, 1921) is an American economist, winner of the Bank of Sweden Prize in Economic Sciences in 1972. ... Gerard Debreu was a naturalized US citizen from France Gerard Debreu (July 4, 1921 – December 31, 2004) was a French-born American economist who won the 1983 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ...

See also

• Econometrics
• Mathematical finance
• Mathematics of random variables
• Pareto distribution
• Probability theory
• Zipf's law
• Extreme value theory
• Fractal
• Systems theory
• Self-organization
• Self-similarity
• Randomness

Econometrics literally means economic measurement. It is a combination of mathematical economics, statistics, economic statistics and economic theory. ... Financial mathematics is the branch of applied mathematics concerned with the financial markets. ... A random variable can be thought of as the numeric result of operating a non-deterministic mechanism or performing a non-deterministic experiment to generate a random result. ... The Pareto distribution, named after the Italian economist Vilfredo Pareto, is a power law probability distribution found in a large number of real-world situations. ... Probability theory is the mathematical study of probability. ... This article may be too technical for most readers to understand. ... Extreme value theory is a branch of statistics dealing with the extreme deviations from the median of probability distributions. ... The Mandelbrot set, named after its discoverer, is a famous example of a fractal. ... Systems theory or systemics is an interdisciplinary field which studies relationships of systems as a whole. ... Self-organization refers to a process in which the internal organization of a system, normally an open system, increases automatically without being guided or managed by an outside source. ... A self-similar object is exactly or approximately similar to a part of itself. ... It has been suggested that random number be merged into this article or section. ...

External links

• Keyword list from Journal of Mathematical Economics
• Open Directory Project: Mathematical Economics and Financial Mathematics
• Wealth Condensation in Pareto Macro-Economies

Look up Mathematical economics in Wiktionary, the free dictionary