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Applications of the Newton-Raphson Method in Decision Sciences and Education

Buu-Chau Truong, Nguyen Van Thuan, Nguyen Huu Hau and Michael McAleer
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Buu-Chau Truong: Faculty of Mathematics and Statistics, Ton Duc Thang University, Ho Chi Minh City, Vietnam
Nguyen Van Thuan: Department of Postgraduate Studies, Vinh University, Vinh City, Vietnam
Nguyen Huu Hau: Department of Training Management, Hong Duc University, Thanh Hoa City, Vietnam

Advances in Decision Sciences, 2019, vol. 23, issue 4, 52-80

Abstract: The Newton-Raphson (NR)methodis one ofthemostimportant and popularmethods to determine an optimal solution in many applications in the decision sciences and education. The NR method can be used for an optimal solution to obtain estimates in regression models, the maxima or minima of many functionsin both the one-dimensional and multi-dimensional cases, or to solve systems of equations with many unknowns in both the one-dimensional and multi-dimensional cases. Applications of the NR method cover a wide variety of interesting cases, including the decisionsciences and the teaching of mathematics-related subjects. The primary purpose of the paper is to provide a universal approach to the theory and practice of the NR method. In addition, we focus the discussion on applications in decision sciences, statistics, portfolio optimization, and education, among others Interesting potential research directions of the NR method are also discussed.

Keywords: : Newton-Raphson method; optimization; missing data; statistics; decision sciences; teaching; education. (search for similar items in EconPapers)
JEL-codes: A10 G00 G31 O32 (search for similar items in EconPapers)
Date: 2019
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