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Is Discrete Time a Good Representation of Continuous Time?
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1725-6704
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EUI ECO; 2006/28
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LICANDRO, Omar, PUCH, Luis A., Is Discrete Time a Good Representation of Continuous Time?, EUI ECO, 2006/28 - https://hdl.handle.net/1814/6230
Abstract
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.