Journal of Undergraduate Research
Keywords
higher-dimensional objective functions, local extrema, non-concave sections
College
Physical and Mathematical Sciences
Department
Computer Science
Abstract
Economic models are built from economic theory for applications ranging from evaluating past policies to predicting future market behavior. Estimation of these models often requires the use of nonlinear optimization routines. As a result, the objective function being optimized is often characterized by local extrema, saddles, and relatively flat areas which make it difficult for search algorithms to converge at global extrema. Currently, only crude and subjective solutions are utilized in applied research, resembling simple guess and check strategies.
Recommended Citation
Cook, Jason and Burton, Dr. Robert
(2013)
"Visualization of Higher-Dimensional Objective Functions: Avoiding Local Extrema and Non-concave Sections,"
Journal of Undergraduate Research: Vol. 2013:
Iss.
1, Article 2668.
Available at:
https://scholarsarchive.byu.edu/jur/vol2013/iss1/2668