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The New Palgrave Dictionary of Economics pp 4963–4969Cite as

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Functional Analysis

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Abstract

A branch of mathematics mainly concerned with infinite-dimensional vector spaces and their maps, functional analysis is so called because elements (points) of certain important specific spaces are functions. The necessity of considering infinite-dimensional models arises in economics in many problems, including assessment of random effects in a situation with an infinite number of natural states; study of effects arising from a ‘very large’ number of participants; problems of spatial economics; study of economic development in continuous time, in particular, with due regard for lags; economic growth on an infinite time interval; and the influence of commodity differentiation on exchange processes.

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Bibliography

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Authors and Affiliations

  1. http://link.springer.com/referencework/10.1057/978-1-349-95189-5

    Leonid Kantorovich & Victor Polterovich

Authors
  1. Leonid Kantorovich
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  2. Victor Polterovich
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© 2018 Macmillan Publishers Ltd.

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Kantorovich, L., Polterovich, V. (2018). Functional Analysis. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1098

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