Home » Faculty and Staff » I-Ming Chiu » Mathematical Economics

Mathematical Economics

Rutgers University
The State University of New Jersey
Department of Economics – CCAS
Fall 2012

Course Title: Mathematical Economics (index#16877)
Economics 391/Section 01
Instructor: Dr. I-Ming Chiu
Office: ARMITAGE 328
Phone: 856/225 6012
E-mail address: ichiu@camden.rutgers.edu
Class Meeting: 9:30-10:50 AM (Tuesday/Thursday), ARMITAGE 124. 
Office Hours: 1:30-3:30 PM, Tuesday or by appointment

Course Description:

This course covers the quantitative tools commonly used in modern economics/finance classes. In order to ease the minds of those who are lack of or without solid mathematical training and background, the objective of this course is to acquaint students with most essential mathematical tools from the scratch and in a sequential order. Computational software such as R and Matlab will be used to help students better understand how to apply these quantitative tools.

Required Textbook:
Michael Hoy, et al., Mathematics for Economics, 3rd edition, The MIT Press, 2011.


Owen Jones, et al, Introduction to Scientific Programming and

Textbook about R: Simulation Using R, Chapman and Hall/CRC, 2009.

Additional Reading:

Alpha Chiang, Fundamental Methods of Mathematical Economics, 3rd Edition, McGraw-Hill, 1984.

Class Material:

I will post handouts, readings, and assignments at Sakai website:


Fall ’12 Calendar:


Grading: Contribution to Final Grade
Attendency & Participation (extra credit) 5%
Take-home problems 40%
Midterm (2) 40%
Final Exam 20%

Grading Policy:

Your term grade will be based on the final distribution of three exams plus assignments and then adjusted by extra credit points.

Exam Preparation:

The exam questions will be based on the class lectures. The material for these questions will be mainly drawn from assigned homework problems.

Class Participation:

Class attendance is essential for learning well in this class. When you miss classes, it would cost you more time to learn the material by yourself. Please follow my three suggestions and you will find they are helpful in any of your courses taking; (1) Attend every classes and take notes (2) Review everything you learn and especially practice all the example questions shown in the class (3) Ask questions whenever you have difficulty understanding any part of my lecture.

Academic conduct:

Make up exams will be given only upon prior notice. I request prior knowledge of any expected absence from an exam. If this is not feasible, you can document a valid reason for missing the exam. Unexcused absence on any exam will result in a grade of zero. Dishonesty in seeking an excused absence or in the examination process will result in a grade of zero on the exam involved and in University discipline.

Course Outline:

Chapter 1


Chapter 2

Review of Fundamentals

Chapter 3

Sequences, Series, and Limits

Chapter 4

Exam I

Continuity of Functions

Date: TBA

Chapter 5

The Derivative and Differential for Functions of One Variable

Chapter 6

Optimization of Functions of One Variable

Chapter 7

Systems of Linear Equations

Chapter 8

Exam II


Date: TBA

Chapter 9

Determinants and the Inverse Matrix

Chapter 10

Some Advanced Topics in Linear Algebra

Chapter 11

Calculus of Functions of n-Variables

Chapter 12

Optimization of Functions of n-Variables

Final Exam

9:00 – 12:00 AM, Tuesday, December 20.