in thisvideo we will solve numerical on HESSIAN METHOD OPTIMISATION.
Given that the first-order conditions Zx= Zy= 0 are met, a sufficient condition for a multivariable
function Z =f( x, y) to be at an optimum is
Zxx , Zyy is greater than 0 in case of minimum
Zxx , Zyy is less than 0 in case of maximum
Zxx * Zyy greater than (Zxy )²
A convenient test for this second-order condition is the Hessian. A Hessian |H| is a
determinant composed of all the second-order partial derivatives, with the second-order direct partials
on the principal diagonal and the second-order cross partials off the principal diagonal.
The whole method is explained in this video in very simple language.
#Net
#Set
#Jrf
#Ugc
#Economics
#NetEconomics
#Ies
#AdvancedEconomics
#Optimisation
#Multivariable function
#RelativeMinimum
#RelativeMaxima
#FirstOrderCondition
#SecondOrderCondition
#InflectionPoint
#SaddlePoint
#CriticalPoint
#StrictlyConcave
#StrictlyConvex
#GlobalMinimum
#GlobalMaximum
#AbsoluteMinimum
#AbsoluteMaximum
#HessianMethod
#SecondOrderDirectPartial
#SecondOrderCrossPatial
#PositiveDefinite
#NegativeDefinite
#FirstPrincipleMinor
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