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An economic approach to some classical theorems in optimization theory

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Abstract

This short article offers economically intuitive proofs of the Euler equation and the maximum principle based on one of the best known results in economics, namely that the marginal utility of one extra dollar spent on each consumption goods is the same for all the consumption goods as required by budget-constrained utility maximization.

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Authors and Affiliations

  1. Department of Economics, Monash University, Clayton, VIC, 3800, Australia

    Guang-Zhen Sun

  2. National Taiwan University, Taipei, Taiwan

    Guang-Zhen Sun

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  1. Guang-Zhen Sun
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Correspondence to Guang-Zhen Sun.

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Sun, GZ. An economic approach to some classical theorems in optimization theory. Optimization Letters 2, 281–286 (2008). https://doi.org/10.1007/s11590-007-0063-4

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  • DOI: https://doi.org/10.1007/s11590-007-0063-4

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