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- Title
Some Extensions of Nonconvex Economic Modeling: Invexity, Quasimax, and New Stability Conditions.
- Authors
Islam, S. M. N.; Craven, B. D.; Giannessi, F.
- Abstract
There are many applications in economics of nonlinear programming, usually under convexity assumptions. Some nonconvex models have also been discussed extensively in order to relax the restrictive assumption of convexity. The applicability can be extended considerably by further generalization to invexity and of maximum to quasimax. Some qualitatively different effects may occur with nonconvex models, such as nonunique optima at different objective levels and jumps in the consumption function, which have economic significance. This paper describes these effects and relates them to mathematical concepts.
- Subjects
NONCONVEX programming; MATHEMATICAL programming; ECONOMIC models; MATHEMATICAL models; NONLINEAR programming; ECONOMETRICS
- Publication
Journal of Optimization Theory & Applications, 2005, Vol 125, Issue 2, p315
- ISSN
0022-3239
- Publication type
Article
- DOI
10.1007/s10957-004-1840-1