Glossary of economics research
Results of search for compact follow:
compact:
A set is compact if it is closed and bounded.
The concept comes up most often in economics in the context of a theory in
which a function must be maximized. Continuous functions that are well
defined on a compact domain have a maximum and minimum; this is the
Weierstrauss Theorem. Noncontinuous functions, or functions on a
noncompact domain, may not.
Contexts: real analysis; micro theory
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