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(Note that the discrete time Hamiltonian at time involves the costate variable at time + [9] This small detail is essential so that when we differentiate with respect to we get a term involving + on the right hand side of the costate equations. Using a wrong convention here can lead to incorrect results, i.e. a costate equation which is not a ...
Convexity is a geometric property with a variety of applications in economics. [1] Informally, an economic phenomenon is convex when "intermediates (or combinations) are better than extremes". For example, an economic agent with convex preferences prefers combinations of goods over having a lot of any one sort of good; this represents a kind of ...
The rotation problem, deciding when to cut down the forest, means solving the problem of maximising Faustmann's formula and this was solved by Bertil Ohlin in 1921 to become the Faustmann-Ohlin theorem, although other German foresters were aware of the correct solution in 1860. [1] ƒ(T) is the stock of timber at time T
In economics, intertemporal choice is the study of the relative value people assign to two or more payoffs at different points in time. This relationship is usually simplified to today and some future date.
Complexity economics draws inspiration from behavioral economics, Marxian economics, institutional economics/evolutionary economics, Austrian economics and the work of Adam Smith. [18] It also draws inspiration from other fields, such as statistical mechanics in physics, and evolutionary biology .
According to the winter edition of the Portrait of American Travelers report from MMGY, almost eight in 10 American adults planned to take a vacation over the next year, a 7% increase from the ...
What’s more fun than second-guessing NFL coaches? Nothing, that’s what. So let’s do it every week, right here. Today: The Lions get too greedy.
As 2025 approaches, Bitcoin (CRYPTO: BTC) finds itself navigating a shifting macroeconomic landscape, with fading tailwinds raising concerns about sustained momentum, according to a report. What ...