# Review of Matrix Theory with Applications in Economics and Finance

## DOI:

https://doi.org/10.47654/v26y2022i3p54-74## Keywords:

Matrix theory, Applications, Finance, Economics, Review## Abstract

Matrix theory plays a vital role in Mathematics and several other sciences due to its numerous applications. The topic of matrix theory has a lot of great content for discussion and research. It offers countless beautiful theorems that are straightforward and yet striking in their formulation, uncomplicated and yet ingenious in their proof, and diverse as well as powerful in their application. In the current period, the countries in the world most concerned are Economics and Finance. To the best of our knowledge, these two sciences have the most significant impact on the development and sustainability of each nation in the world. This paper presents the application of matrix theory to important and ubiquitous problems in Economics and Finance, namely, the problem of determining capital demands and the problem defining the quantity of each type of product. Furthermore, we also introduce applications of matrix theory in Decision Sciences to help readers have an overview of applications of matrix theory in other fields.

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*Advances in Decision Sciences*,

*26*(3), 54-74. https://doi.org/10.47654/v26y2022i3p54-74