Iterative methods used to solve economic systems

Popirlan Cristina

Impact of Socio-economic and Technological Transformations at National, European and International Level (ISETT), 2015, vol. 3

Abstract: The paper presents the methods Jacobi and Gauss Seidel used to solve linear systems with applications in economics. These two classical algorithms are used to analyze the relationship between supply and demand. It makes such an analysis of the price development of a product in relation to the quantity purchased. Numerical experiments are performed in order to study the application of the two algorithms and to analyze the results of using these classical iterative methods (Jacobi and Gauss Seidel).

Keywords: iterative algorithm; Jacobi algorithm; Seidel Gauss algorithm (search for similar items in EconPapers)
JEL-codes: C61 C63 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:iem:imptrs:v:3:y:2015:id:2822000009326163

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