Taylor Series

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August 31, 2024 4 min read Definitions
Linear Approximation: Simplifying Complex Functions
Mathematics Economics Linear Approximation Taylor Series Linearization Numerical Methods Economic Models
An approximation of an arbitrary function by a linear function, crucial in making complex mathematical and economic models analytically tractable.
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August 31, 2024 4 min read Definitions
Second-Order Approximation: Advanced Function Estimation
Mathematics Economics Approximation Taylor Series Risk Aversion Income Distribution Modeling
A detailed guide on Second-Order Approximation, its applications in various fields, historical context, mathematical models, key events, and more.
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