Time Representation in Economics
Stefano Bosi, Lionel Ragot
University of Evry, Evry, France.
DOI: 10.4236/tel.2012.21002   PDF   HTML   XML   5,815 Downloads   13,216 Views   Citations


In this paper, we study general polynomial discretizations in backward and forward looking, and the preservation of stability properties. We apply these results to the Ramsey model [4]. Its discrete-time version is a hybrid discretizations of a backward-looking budget constraint and a forward-looking Euler equation. Saddle-path stability is a robust property under discretization.

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S. Bosi and L. Ragot, "Time Representation in Economics," Theoretical Economics Letters, Vol. 2 No. 1, 2012, pp. 10-15. doi: 10.4236/tel.2012.21002.

Conflicts of Interest

The authors declare no conflicts of interest.


[1] H. Krivine, A. Lesne and J. Treiner, “Discrete-Time and Con-tinuous-Time Modelling: Some Bridges and Gaps,” Mathe-matical Structures in Computer Science, Vol. 17, No. 2, 2007, pp. 261-276. doi:10.1017/S0960129507005981
[2] P. A. Samuelson, “The Stability of Equilibrium: Comparative Statics and Dynamics,” Econometrica, Vol. 9, No. 2, 1941, pp. 97-120. doi:10.2307/1906872
[3] S. Bosi and L. Ragot, “Time, Bifurcations and Economic Applications,” CES Working Papers, 2009.28, University of Paris 1, 2009.
[4] F. Ramsey, “A Mathematical Theory of Saving,” Economic Journal, Vol. 38, No. 152, 1928, pp. 543-559. doi:10.2307/2224098

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