Mathematics for Economists

General

• Code: 102
• Semester: 1st
• Study Level: Undergraduate
• Course type: General Background
• Teaching and exams language: Greek
• Teaching Methods (Hours/Week): Tutorials (Theory) & practice works (3)
• ECTS Units: 5
• Course homepage: https://elearning.cm.ihu.gr/course/view.php?id=6
• Instructors: Polychronidou Persefoni
• Coordinator: Polychronidou Persefoni

Course Contents

1. Introductory concepts-definitions-theorems-properties of functions of one real variable.
2. Derivative of a function of one variable.
3. Derivative applications: Monotonicity – Extremities, convexity – turning points, asymptotes, function study. Financial applications.
4. Function integral. Integration techniques and financial applications of integrations.
5. Matrix theory: Definitions, types and operations. Determinants: definition and properties. Inverse table.
6. Methods of solving quadratic linear systems. Complex methods for solving linear systems.
7. Applications of solving linear systems.
8. Functions of several variables. Partial derivative of many variables. Partial derivatives of complex functions.
9. Total differential. Applications in finance.
10. Basic definitions of financial mathematics. Simple capitalization. Compounding or compounding.
11. Introductory concepts in Annuities. Solving complex rand problems.
12. Loans, repayment systems. Variable rate loans.
13. Financial applications.

Educational Goals

The course is an introduction to the concepts and applications of univariate functions, linear algebra, and multivariate functions. The course material aims to broaden students’ basic mathematical skills, offering the possibility of application to economic and financial problems.

Upon successful completion of the course, the student will be able to:

• Understood marginal financial figures.
• Calculate producer and consumer surpluses.
• Understand the theory of matrices and determinants.
• Solve linear systems.
• Use applications of derivatives of one and multiple variables.
• Calculate simple and compound capitalization.
• Apply annuities to financial transactions and calculate the interest payments of a loan
• Develop the necessary mathematical skills and their application to financial problems.

General Skills

• Working independently.
• Team work.
• Decision-making.
• Production of free, creative and inductive thinking.

Teaching Methods

• In the classroom, face to face.

Use of ICT means

• Basic software (windows, word, power point, the web, etc.).
• Support of learning process through the electronic platform / e-class.

Teaching Organization

Students Evaluation

Written final exams that may include:

• Judgemental questions.
• Short answer questions.
• Comparative evaluation of theory elements.
• True/False and multiple choice Questions.
• Application exercises.

In each question, corresponding evaluation points are specified.
Optional assignment (Essay writing) corresponds to 40% of the final grade.

Recommended Bibliography

1. Μαρία Μαύρη, Οικονομικά Μαθηματικά, εκδ. Προπομπός, 2013.
2. Λουκάκης Μ., Πρόσκληση στα Μαθηματικά Οικονομικών και Διοικητικών Επιστημών, τόμος Α’εκδ. Σοφία, Θεσσαλονίκη, 2012.
3. Ταμπάκης Νικόλαος, Εφαρμοσμένα Μαθηματικά, Εκδ. Ζυγός, Μάρκου Ι. Γ. και ΣΙΑ ΕΕ, 2014.
4. Σαραφόπουλος Γεώργιος, Μυλωνάς Νίκος, Μαθηματικά Οικονομικών Επιστημών, εκδ. Α. Τζιόλα & Υιοί Α.Ε., 2016.
5. Ian Jacques, 2017, Μαθηματικά των Επιστημών Οικονομίας και Διοίκησης, Broken Hills, Λευκωσία, Κύπρος.

Related Research Journals

1. Journal of Mathematical Economics.
2. Journal of Mathematical Economics and Finance.
3. Mathematical Economics.
4. Journal of Finance.
5. Journal of Empirical Finance.
6. Quantitative Finance.