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An alternative approach to understanding second-order conditions for constrained optimization—lagrange multipliers |
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| Authors: | E.D. Maberly R.M. Pierce |
| Affiliation: | Professor of Finance, University of Canterbury Christchurch, New Zealand Senior Lecturer, Lincoln UniversityCanterbury, New Zealand |
| Abstract: | This paper presents an alternative approach to solving a standard problem, frequently encountered in advanced microeconomics, using the technique of Lagrange multipliers. The objective is to enhance the understanding of students as to the derivation of the second-order conditions. |
| Keywords: | Constrained optimization Lagrange multipliers Second-order conditions |
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