ELE 3719 Mathematics elective


ELE 3719 Mathematics elective

Responsible for the course
Eivind Eriksen

Department of Economics

According to study plan

ECTS Credits

Language of instruction

This course gives an introduction to selected topics in mathematics and probability theory.

Learning outcome
Acquired knowledge
Upon completing this course, the student should have acquired mathematical knowledge in selected topics that are important for finance, economics and statistics. The student should:
  • Know important concepts in linear algebra and vector calculus, such as matrices, vectors, determinants and quadratic forms, and know how to use these in optimization and multivariate statistics.
  • Understand probability models from a mathematical point of view.
  • Know the concept differential equation, and know how differential equations can be used for modelling.
  • Understand foundations of calculus of variations, and know how calculus of variations can be used in economics.

Acquired skills
Upon completing this course, the student should have acquired skills including:
  • Mastery of calculations with matrices, vectors and determinants, find eigenvalues and eigenvectors, and ability to use this in applications.
  • Ability to compute with probabilities and probability models in one or several variables, and to use this in applications.
  • Ability to solve selected types of differential equations, with and without initial conditions.
  • Ability to solve selected optimization problems using calculus of variations.

Upon completing this course, the student should have strengthened his/her analytical thinking, and have realized the value of precise and systematic work.

The course builds directly on MET 1180 Mathematics.

Compulsory reading
Ross, Sheldon M. 2010. Introduction to probability models. 10th ed. Elsevier/Academic Press

Recommended reading
Sydsæther, Knut ... [et al.]. 2008. Further mathematics for economic analysis. 2nd ed. Financial Times/Prentice-Hall. Kap. 1, 5-6, 8

Course outline
  • Linear algebra and vector calculus
  • Probability models
  • Differential equations
  • Calculus of variations

Computer-based tools
Not used in this course.

Learning process and workload
The course has 45 hours of lectures. There will be work programmes with problems that the student should solve. Some of the problems will subsequently be solved in class.

Some time in class will be set aside for the students to work on basic problems in topics recently covered in lectures. This will activate the students and increase the learning outcome through the presentation of solutions to the problems.

Participation in class
Independent work on problems
Reading of literature
Total recommended use of time

    A five hour individual written examination concludes the course.

    Examination code(s)
    ELE 37191 - Wiritten examination, accounts for 100% of the final grade in ELE 3719 Mathematics elective - 7.5 credits.

    Examination support materials
    BI-defined exam calculator is allowded at the written exam. TEXAS INSTRUMENTS BA II Plus™
    Under information about examinations in the Student Handbook on the web, examination support materials permitted at written examinations are specified. Notice in particular the use of calculators. See http://www.bi.edu/studenthandbook/examaids.

    Re-sit examination
    A re-sit is held in connection with the next scheduled course.

    Additional information