Morgan, Peter

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"43" Result

"In a constrained optimization problem, the decisionmaker wants to select the "optimal" choice -- the one most valuable to him or her -- that also meets all of the constraints imposed by the problem. Such problems are at the heart of modern economics, where the typical behaviora…

"In a constrained optimization problem, the decisionmaker wants to select the "optimal" choice -- the one most valuable to him or her -- that also meets all of the constraints imposed by the problem. Such problems are at the heart of modern economics, where the typical behaviora…