Applications of the Newton-Raphson method in decision sciences and education

Buu Chau Truong, Nguyen Van Thuan, Nguyen Huu Hau, Michael McAleer

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Abstract

The Newton-Raphson (NR) method is one of the most important and popular methods to determine an optimal solution in many applications in the decision sciences and education. The NR method can be used for an optimal solution to obtain estimates in regression models, the maxima or minima of many functions in both the one-dimensional and multi-dimensional cases, or to solve systems of equations with many unknowns in both the one-dimensional and multi-dimensional cases. Applications of the NR method cover a wide variety of interesting cases, including the decision sciences and the teaching of mathematics-related subjects. The primary purpose of the paper is to provide a universal approach to the theory and practice of the NR method. In addition, we focus the discussion on applications in decision sciences, statistics, portfolio optimization, and education, among others Interesting potential research directions of the NR method are also discussed.

Original languageEnglish
JournalAdvances in Decision Sciences
Volume23
Issue number4
Publication statusPublished - Dec 2019

Bibliographical note

Funding Information:
* For financial support, the fourth author is most grateful to the Australian Research Council and the Ministry of Science and Technology (MOST), Taiwan. ** Corresponding author: michael.mcaleer@gmail.com

Publisher Copyright:
© 2019 Hindawi Limited. All rights reserved.

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