IE443 ECON. MODELS FOR DECISION&POLICY ANALY
| Course Code: | 5680443 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 5.0 |
| Department: | Industrial Engineering |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Lecturer Dr. YUSUF KENAN PAKYARDIM |
| Offered Semester: | Once in several years. |
Course Objectives
- Students will learn nonlinear optimality conditions, post-optimality analysis and duality
- Students will understand the economic interpretation of mathematical results in terms of market equilibria
- Students will learn a wide variety of operational research and engineering problems from an economic perspective
- Students will develop an experience of working with industry-grade optimization software.
Course Content
Kuhn-Tucker optimality conditions and review of LP duality. Optimization models to study problems of auctions, decentralization, vertical integration in the firm, industrial programming and activity analysis in a partial equilibrium framework and financial planning.
Course Learning Outcomes
- Construct decision trees to represent problems
- Find best action based on expected utility
- Formulate problems with multiple criteria
- Use different approaches to choose among alternatives defined by multiple criteria
- Understand probability theory
- Properly interpret probabilities based on available information