PinnedWhat is the Solow Growth Model? Economics 101The Solow Model of Economic growth, named for Nobel 1987 winner Robert Solow, helps us understand the dynamics of national economic growth…Oct 2, 2024A response icon1Oct 2, 2024A response icon1
An Intuitive Introduction to the Hamilton–Jacobi–Bellman (HJB) Equation in EconomicsThe HJB equation and setup is an important solution method for many dynamic programming and control theory problems. It’s less complicated…Aug 7Aug 7
What are “Inner” versus “Outer” Problems and Solutions In Economics?When learning about and solving optimization problems, you will hear the terms inner problems, outer problems, interior solutions, boundary…Jul 29Jul 29
An Introduction to Hamiltonian and Lagrangian Methods for EconomistsWe’ll look at the connection between physics and economics and build up to understanding and use of Hamiltonian and Lagrangian methods.Jun 8Jun 8
What is a Pontryagin System? | Pontryagin Maximum Principle, Control Theory, & Dynamic OptimizationA Pontryagin system is a system of equations in optimal control theory used for finding optimal controls in dynamical systems. In this…Jun 6A response icon1Jun 6A response icon1
What is the Bellman Equation in Economics? | Bellman Methods, RL, and Dynamic ProgrammingHere’s an introduction to the core concepts driving the Bellman equation and its use in dynamic programming and reinforcement learning…May 24May 24
Monte Carlo Simulations - An Intuitive Introduction (& Python Example)I’ll the conceptual basics of Monte Carlo methods and simulations. By the end of the article, you’ll be able to explain what they are, why…May 17May 17
Finding AC, MC, and Natural Monopoly from a Nonlinear Cost Function | Econ Step-by-StepIn this problem, we’ll analyze a cost function to explore how it affects a firm’s average and marginal costs.May 6May 6
Solving a Cost Minimization Problem Using Isoquants and Isocosts with a Cobb-Douglas Production…Continuing my recent streak of micro 101/201 walkthroughs, here we’ll walk through a classic cost minimization problem using a Cobb-Douglas…May 6May 6
Solving Equilibrium Price, Quantity, andWelfare in a Monopolistic and Competitive Market (Econ…Understanding and calculating how firms choose output and price, as well as how these choices affect net welfare, is a cornerstone of…May 4May 4
