| MATHEMATICS (TURKISH, PHD) | |||||
| PhD | TR-NQF-HE: Level 8 | QF-EHEA: Third Cycle | EQF-LLL: Level 8 | ||
| Course Code | Course Name | Semester | Theoretical | Practical | Credit | ECTS |
| ECO4445 | Optimization Methods in Economics | Fall | 3 | 0 | 3 | 6 |
| The course opens with the approval of the Department at the beginning of each semester |
| Language of instruction: | En |
| Type of course: | Departmental Elective |
| Course Level: | |
| Mode of Delivery: | Hybrid |
| Course Coordinator : | Assoc. Prof. KAAN İRFAN ÖĞÜT |
| Course Objectives: | Aim of this course is to teach static (unconstrained and constrained ) and dynamic optimisation techniques and to apply these methods on applications of microeconomics and macroeconomics. |
|
The students who have succeeded in this course; 1. Use static (unconstrained and constrained) and dynamic optimization methods. 2. Apply these methods on problems of microeconomics and macroeconomics 3. Solve intertemporal optimization problems in economics. 4. Establish dynamic macroeconomic models and determine optimal path of their variables. 5. Select proper methods to optimize new models. |
| 1 Unconstrained Optimization and Its Applications in Economics 2 Optimization with Equality Constraints: Production Theory 3 Optimization with Equality Constraints: Utility Theory 4 Optimization with Inequality Constraints 5 Optimization with Inequality Constraints 6 Optimal Control: Introduction 7 Optimal Control: The Pontryagin Maximum Principle 8 Optimal Control: The Pontryagin Maximum Principle 9 Optimal Control: Dynamic Programming 10 Optimal Control: Dynamic Programming 11 "Infinite Horizon and Overlapping Generations Model in Macroeconomics: Ramsey - Cass - Koopmans Model." 12 "Infinite Horizon and Overlapping Generations Model in Macroeconomics: Diamond Model." 13 Intertemporal Optimization: Real Business Cyle Theory 14 Intertemporal Optimization: Ricardian Equivalence |
| Week | Subject | Related Preparation | |
| 1) | |||
| 1) | 1 Unconstrained Optimization and Its Applications in Economics | ||
| 2) | 2 Optimization with Equality Constraints: Production Theory | ||
| 3) | Optimization with Equality Constraints: Utility Theory | ||
| 4) | Optimization with Inequality Constraints | ||
| 5) | Optimization with Inequality Constraints | ||
| 6) | Optimal Control: Introduction | ||
| 7) | Optimal Control: The Pontryagin Maximum Principle | ||
| 8) | Optimal Control: The Pontryagin Maximum Principle | ||
| 9) | Optimal Control: Dynamic Programming | ||
| 10) | Optimal Control: Dynamic Programming | ||
| 11) | Infinite Horizon and Overlapping Generations Model in Macroeconomics: Ramsey - Cass - Koopmans Model. | ||
| 12) | Infinite Horizon and Overlapping Generations Model in Macroeconomics: Ramsey - Cass - Koopmans Model. | ||
| 13) | Intertemporal Optimization: Real Business Cyle Theory | ||
| 14) | Intertemporal Optimization: Ricardian Equivalence | ||
| Course Notes: | Alpha C. Chiang - Kevin Wainwright. Fundamental Methods of Mathematical Economics. McGraw-Hill Education. (2005) Ronald shone. Economic Dynamics: Phase Diagrams and their Economic Application.Cambridge University Press (2003) |
| References: | Morton I. Kamien, Nancy L. Schwartz. Dynamic Optimization, Second Edition: The Calculus of Variations and Optimal Control in Economics and Management. Dover Books on Mathematics (2012). David Romer, Advanced Macroeconomics, Mcgraw-Hill Education (2011) |
| Semester Requirements | Number of Activities | Level of Contribution |
| Attendance | % 0 | |
| Laboratory | % 0 | |
| Application | % 0 | |
| Field Work | % 0 | |
| Special Course Internship (Work Placement) | % 0 | |
| Quizzes | 3 | % 30 |
| Homework Assignments | % 0 | |
| Presentation | % 0 | |
| Project | % 0 | |
| Seminar | % 0 | |
| Midterms | 1 | % 15 |
| Preliminary Jury | % 0 | |
| Final | 1 | % 55 |
| Paper Submission | % 0 | |
| Jury | % 0 | |
| Bütünleme | % 0 | |
| Total | % 100 | |
| PERCENTAGE OF SEMESTER WORK | % 45 | |
| PERCENTAGE OF FINAL WORK | % 55 | |
| Total | % 100 | |
| Activities | Number of Activities | Duration (Hours) | Workload |
| Course Hours | 14 | 3 | 42 |
| Laboratory | 0 | 0 | 0 |
| Application | 0 | 0 | 0 |
| Special Course Internship (Work Placement) | 0 | 0 | 0 |
| Field Work | 0 | 0 | 0 |
| Study Hours Out of Class | 14 | 2 | 28 |
| Presentations / Seminar | 0 | 0 | 0 |
| Project | 0 | 0 | 0 |
| Homework Assignments | 0 | 0 | 0 |
| Quizzes | 3 | 5 | 15 |
| Preliminary Jury | 0 | 0 | 0 |
| Midterms | 1 | 12 | 12 |
| Paper Submission | 0 | 0 | 0 |
| Jury | 0 | 0 | 0 |
| Final | 1 | 12 | 12 |
| Total Workload | 109 | ||
| No Effect | 1 Lowest | 2 Low | 3 Average | 4 High | 5 Highest |
| Program Outcomes | Level of Contribution |