Intro to Mathematical Economics
The Hessian matrix is a square matrix of second-order partial derivatives of a scalar-valued function, typically used to analyze the curvature of multivariable functions. It provides crucial information about the function's local behavior, helping determine whether points are local minima, maxima, or saddle points. Its relevance spans various fields, including optimization, where it helps identify optimal solutions, and in understanding the concavity and convexity properties of functions.
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