Title
Applications of the Newton-Raphson Method in Decision Sciences and Education
Authors
Abstract
The Newton-Raphson (NR)methodis one ofthemostimportant and popularmethods to determinean 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 functionsin 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
decisionsciences 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.
teaching, education.
Keywords
:Newton-Raphson method, optimization, missing data, statistics, decision sciences,
Classification-JEL
A10, G00, G31, O32
Pages
52-80