An economic approach to some classical theorems in optimization theory

: This short article offers economically intuitive proofs of the Euler equation and the maximum principle based on one of the best known results in economics, namely that the marginal utility of one extra dollar spent on each consumption goods is the same for all the consumption goods as required by budget-constrained utility maximization.

• Type: Journal
• Year: 2008
• Where: OL
• Authors: Guang-Zhen Sun
• Keywords: Euler Equation, Intuitive Proofs, Maximum Principle, OL 2008