Newton-Raphson Method: Approach and Applications

Title

Authors

Sal Ly
Faculty of Mathematics and Statistics, Ton Duc Thang University, Ho Chi Minh City, Vietnam
Kim-Hung Pho
Fractional Calculus, Optimization and Algebra Research Group, Faculty of Mathematics and Statistics, Ton Duc Thang University, Ho Chi Minh City, Vietnam
Shin-Hung Pan
Department of Information Management, Chaoyang University of Technology, Taiwan
Wing-Keung Wong
Department of Finance, Fintech Center, and Big Data Research Center, Asia University, Taiwan, and
Department of Medical Research, China Medical University Hospital, Taiwan, and
Department of Economics and Finance, the Hang Seng University of Hong Kong, Hong Kong

Abstract

Purpose: The Newton-Raphson method (NRM) is a significant problem in statistics, Computational Mathematics, Applied Mathematics, and many other scientific fields, such as Engineering, Economics, and Decision Sciences, because its applications are extremely rich and diverse. This method can help scholars and practitioners solve some specific problems.
Design/methodology/approach: This method is widely used in Science because of its outstanding features. To contribute to the literature on this issue, this study details specific applications of the NRM.
Findings: We presented the most detailed Newton-Raphson method (NRM). We discuss its applications in practical problems, Statistics, Applied Mathematics, and other Sciences.
Originality/value: This study provides detailed and meaningful applications of the NRM for the first time.
Practical implications: This study aims to detail specific applications of the NRM. Four scenarios of applying the NRM to practical problems, Statistics, Applied Mathematics, and other Sciences are discussed in detail.

Keywords

Newton-Raphson method, Application, real problems, Mathematics.

Classification-JEL

A10, G00, G31, O32

Pages

1-26