Research Symposium

BIO

Hello, my name is Max Varela Torres and I am a second year student studying economics with a minor in mathematics. I have inentions of going to a PhD program in economics in the future, and although my main topics of interest are more macroeconomics oriented, I always welcome a good research experience. Simultaneously with my UROP research, I am working on my undergraduate thesis within the Honors in the Major program researching the impact of a recent influx of immigration in my home country of Chile. I am working on my thesis now since I will be graduating summer of 2025. I am thankful for having this opportunity at UROP as it helped me sharpen my research skills for my future projects.

Constrained Optimization and its applications in economics​

Abstract

In economic theory we seek to explain the world around us through economic models, one of these models being constraint optimization. Constraint optimization is the idea of optimizing the allocation of our resources such as time or money to achieve the biggest amount of payback possible. We do this through representing each idea as a function and then use a set of conditions to achieve the best result when it comes to maximizing or minimizing the relation between two functions. Through the research done at UROP, we sought to better explore the different possibilities that this technique could be used in real-world possibilities in an abstract manner. We did this through consulting academic books regarding the topic of constraint optimization and literature reviews. Ideas such as knowing if we should travel when we get test results that are not always accurate or when a judge should stop reviewing documents with evidence before conducting a verdict for an appeal case.

Keywords: Economics, microeconomics, theory