Is Discrete Time a Good Representation of Continuous Time?
Title: Is Discrete Time a Good Representation of Continuous Time?
Publisher: European University Institute
Series/Number: EUI ECO; 2006/28
Economists model time as continuous or discrete. The recent literature on continuous time models with delays should help to bridge the gap between these two families of models. In this note, we propose a simple time–to–build model in continuous time, and show that a discrete time version is a true representation of the continuous time problem under some sufficient conditions.
Subject: Discrete Time; Continuous Time; Time–to–Build; Delay; DDEs
Type of Access: openAccess