Optimization (mathematics) in the context of "Maximum (mathematics)"

In economics, an agent is an actor (more specifically, a decision maker) in a model of some aspect of the economy. Typically, every agent makes decisions by solving a well- or ill-defined optimization or choice problem.

For example, buyers (consumers) and sellers (producers) are two common types of agents in partial equilibrium models of a single market. Macroeconomic models, especially dynamic stochastic general equilibrium models that are explicitly based on microfoundations, often distinguish households, firms, and governments or central banks as the main types of agents in the economy. Each of these agents may play multiple roles in the economy; households, for example, might act as consumers, as workers, and as voters in the model. Some macroeconomic models distinguish even more types of agents, such as workers and shoppers or commercial banks.

Human behavioral ecology (HBE) or human evolutionary ecology applies the principles of evolutionary theory and optimization to the study of human behavioral and cultural diversity. HBE examines the adaptive design of traits, behaviors, and life histories of humans in an ecological context. One aim of modern human behavioral ecology is to determine how ecological and social factors influence and shape behavioral flexibility within and between human populations. Among other things, HBE attempts to explain variation in human behavior as adaptive solutions to the competing life-history demands of growth, development, reproduction, parental care, and mate acquisition. HBE overlaps with evolutionary psychology, human or cultural ecology, and decision theory. It is most prominent in disciplines such as anthropology and psychology where human evolution is considered relevant for a holistic understanding of human behavior.

Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.

Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level. This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods. Common topics include growth theory, poverty and inequality, human capital, and institutions.

A chemical plant is an industrial process plant that manufactures (or otherwise processes) chemicals, usually on a large scale. The general objective of a chemical plant is to create new material wealth via the chemical or biological transformation and or separation of materials. Chemical plants use specialized equipment, units, and technology in the manufacturing process. Other kinds of plants, such as polymer, pharmaceutical, food, and some beverage production facilities, power plants, oil refineries or other refineries, natural gas processing and biochemical plants, water and wastewater treatment, and pollution control equipment use many technologies that have similarities to chemical plant technology such as fluid systems and chemical reactor systems. Some would consider an oil refinery or a pharmaceutical or polymer manufacturer to be effectively a chemical plant.

Petrochemical plants (plants using chemicals from petroleum as a raw material or feedstock) are usually located adjacent to an oil refinery to minimize transportation costs for the feedstocks produced by the refinery. Speciality chemical and fine chemical plants are usually much smaller and not as sensitive to location. Tools have been developed for converting a base project cost from one geographic location to another.

Discrete optimization is a branch of optimization in applied mathematics and computer science. As opposed to continuous optimization, some or all of the variables used in a discrete optimization problem are restricted to be discrete variables—that is, to assume only a discrete set of values, such as the integers.

Continuous optimization is a branch of optimization in applied mathematics.

As opposed to discrete optimization, the variables used in the objective function are required to be continuous variables—that is, to be chosen from a set of real values between which there are no gaps (values from intervals of the real line). Because of this continuity assumption, continuous optimization allows the use of calculus techniques.

A rational agent or rational being is a person or entity that always aims to perform optimal actions based on given premises and information. A rational agent can be anything that makes decisions, typically a person, firm, machine, or software.

The concept of rational agents can be found in various disciplines such as artificial intelligence, cognitive science, decision theory, economics, ethics, game theory, and the study of practical reason.