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Matrix Algebra for Applied Economics |
| Shayle R. Searle (Departments of Biometrics and of Statistical Science, Cornell Univ.); Lois Schertz Willett (Food and Resource Economics Department, Univ. of Florida) |
| Coverage of matrix algebra for economists and students of economics Matrix Algebra for Applied Economics explains the important tool of matrix algebra for students of economics and practicing economists. It includes examples that demonstrate the foundation operations of matrix algebra and illustrations of using the algebra for a variety of economic problems.
The authors present the scope and basic definitions of matrices, their arithmetic and simple operations, and describe special matrices and their properties, including the analog of division. They provide in-depth coverage of necessary theory and deal with concepts and operations for using matrices in real-life situations. They discuss linear dependence and independence, as well as rank, canonical forms, generalized inverses, eigenroots, and vectors. Topics of prime interest to economists are shown to be simplified using matrix algebra in linear equations, regression, linear models, linear programming, and Markov chains. | | |
