The application of the theory of fuzzy sets to Economics has not been as widespread as its application in many other disciplines. Zadeh's main motivation for the invention of fuzzy sets was the imprecision in human decision-making. Fuzzy sets emerged from the need to bridge the gap between mathematical models and their empirical interpretations. The capability of fuzzy sets to express gradual transitions from membership to non-membership and vice versa has a wide ...
Unlike many western universities, Indian universities were reluctant to I introduce mathematical economics in their under graduate and post graduate economics programme, though some of them are offering econometrics as one of the papers which contain more statistics and less mathematics. However universities of Calcutta, Delhi and Bombay are the trend setters in this area by introducing mathematical economics course with strong quantitative methods and ...