apl. Prof. Dr. Frank Werner

Otto-von-Guericke Universität Magdeburg

Institut für Mathematische Optimierung

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Winter 2017/18: Mathematical Economics


The inspection of the written examinations (for the predecessor lecture 'Methods of Economists') is possible on October 17, 2017 in building 02, room 215, from 10.00 a.m. to 12.00 p.m.

Tue 1.15 p.m. - 2.45 p.m. in G10-460 (60)

Ms. M.Sc. Julia Lange: Thu 3.15 p.m. - 4.45 p.m. in G02-311 (72)

In contrast to the original planning, this lecture is only similar to the predecessor lecture entitled 'Methods for Economists' but not identical, and it is also not identical to the lecture entitled 'Mathematical Economics' which I taught in 2006 and 2008.

In comparison with the predecessor lecture 'Methods for Economists', there are the following three changes:
1) Chapters 4 and 7 of the Lecture 'Methods for Economists' (and the corresponding exercises) are deleted.
2) There is a one-hour written exam (instead of a two-hour exam).
3) For this lecture, one gets 5 credit points (instead of 6 credit points).


1. Basic Mathematical Concepts

2. Unconstrained and Constrained Optimization

3. Sensitivity Analysis

4. Differential Equations

5. Optimal Control Theory

Literature (Textbooks):

1) Sydsaeter, K.; Hammond, P.; Seierstad, A.; Strom, A.: Further Mathematics for Economic Analysis, Financial Times/Prentice Hall, 2005.

2) Werner, F.; Sotskov, Y.N.: Mathematics of Economics and Business, Routledge, Abingdon / New York, 2006.

3) Gandolfo, G.: Economic Dynamics, 4th Edition, Springer, 2010.

4) Kamien, M.I.; Schwartz, N.L.: Dynamic Optimization, 2nd Edition, North-Holland, Amsterdam et al., 1993.

5) Simon, C.P.; Blume, L.E.: Mathematics for Economists, W.W. Norton & Company, New York et al., 1994

6) Takayama, A.: Analytical Methods in Economics, University of Michigan Press, 1993.

7) Takayama, A.: Mathematical Economics, Cambridge University Press, 2nd Edition, 1985.

8) Starr, R.M.: General Equilibrium Theory, An Introduction, Cambridge University Press, 1997.

Lecture Materials

Lectures Notes (in excerpts) (pdf) (44 pages)

Exercises for the tutorials:

  • Series 1: pdf-File

  • Series 2: pdf-File

  • Series 3: pdf-File

  • Series 4: pdf-File

  • Series 5: pdf-File

  • Series 6: pdf-File

  • Series 7: pdf-File

  • Series 8: pdf-File

  • Series 9: pdf-File

  • Examination:

    There is a one-hour written examination in February. As working tools are allowed:

  • a pocket calculator according to the instructions of FWW and

  • ONE individually prepared (TWO-SIDED) A4 sheet of paper with arbitrary material EXCEPT solved exercises, numerical examples from the lecture and old examination problems;

    - for mathematical prerequisites:

  • textbook: Werner and Sotskov, Mathematics of Economics and Business, Routledge, 2006 (free eBook download);

  • Past Examinations (for the related lecture 'Methods for Economists'):

    Examination February 2016 (pdf)

    Retake Examination July 2015 (pdf)

    Examination February 2015 (pdf)

    Examination February 2014 (pdf)

    Examination January 2013 (pdf)

    Quotation: A lot of people complain about their dumb boss, what they don't realize is that they'd be out of a job if their dumb boss were any smarter.
    (Joey Adams)


    English version Last updated: 2 Oct 2017