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GTAP Resource #6005

"Optimization with Hat Derivatives: Theoretical and Mathematical Derivation of an Applied Computable Partial Equilibrium Model"
by Yang, Anton


Abstract
This note links the mathematical concept of hat derivatives to constrained optimization results derived and used by economists which is increasingly often written in the General Equilibrium Modelling (GEMPACK) Software using the TABLO language of writing economic models. Without these connections, it is fair to say that there are at least two substantial gaps in understanding many simple concept-based but probably lengthy economic models that are almost exclusively implemented using computers today. The first one is that, despite its importance, mathematicians almost never (very rarely, if so) formally introduce hat derivatives in a text book or publicly accessible academic sources (Maurer, 2002); the second one is that, despite its frequent use in contemporary economic computations, economists and economic modelers unwittingly lack a step-by-step explanation of how computer languages use the concept of hat derivatives derived from the neoclassical economic theory. Inside and outside of the economics discipline, this has created barriers to economists’ understanding of important model structures and communications among them within their own community. Quality economic research can be disregarded outside of the discipline without the proper and thorough communication of the mathematics. Therefore, the purpose of this note (partially due to increasing demand for relevant inquiries) is to attempt to fill these gaps.


Resource Details (Export Citation) GTAP Keywords
Category: Other CGE Application
Status: Not published
By/In:
Date: 2020
Version:
Created: Yang, A. (4/6/2020)
Updated: Yang, A. (4/20/2020)
Visits: 873
No keywords have been specified.


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