An application of time scales to economics

Authors:
Ferhan M. Atici;Daniel C. Biles;Alex Lebedinsky
Affiliations:
Department of Mathematics, Western Kentucky University, Bowling Green, KY 42101, United States;Department of Mathematics, Western Kentucky University, Bowling Green, KY 42101, United States;Department of Economics, Western Kentucky University, Bowling Green, KY 42101, United States
Venue:
Mathematical and Computer Modelling: An International Journal
Year:
2006

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Abstract

Economics is a discipline in which there appears to be many opportunities for applications of time scales. The time scales approach will not only unify the standard discrete and continuous models in economics, but also, for example, allows for payments which arrive at unequally spaced points in time. We present a dynamic optimization problem from economics, construct a time scales model, and apply calculus of variations to derive a solution. Time scale calculus would allow exploration of a variety of situations in economics.