Linear Programming

Mikuláš Luptáčik ()
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Mikuláš Luptáčik: Vienna University of Economics and Business Administration

Chapter 4 in Mathematical Optimization and Economic Analysis, 2010, pp 87-134 from Springer

Abstract: Abstract The simplest and most widely spread models of convex programming are linear programming models; in other words, models with linear objective function and with linear constraints. This might turn out to be a serious restriction on our field of interest. But as shown in Chapter 1, a wide variety of problems can be satisfactorily represented by linear models. In many cases, the problem naturally takes a linear form; in some cases where this is not so, the problem may be approximately represented by a linear model. As mentioned by Vandermeulen [37, p. 4], “At least in the initial stages, linear models yield more economic output from less mathematical input.” In the preface to their well-known book, Dorfman, Samuelson, and Solow [12] denote linear programming as “one of the most important postwar developments in economic theory” [12, p. vii].

Keywords: Extreme Point; Dual Problem; Linear Programming Problem; Simplex Method; Shadow Price (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1007/978-0-387-89552-9_4

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