So far, the Calculus of Variations and Maximum Principle have been analysed in forms of differential equation system where changes are continuous or treated as continuous over time. In the real world, however, many observations are made and recorded only at discrete intervals, for example gross national product is measured only once a year, imports and exports figures are reported only quarterly. A discrete counterpart of the continuous Variational problems and Maximum Principle must be developed. This will be done in this chapter.
KeywordsMoney Supply Optimal Harvesting Discrete Counterpart Money Wage Term Interest Rate
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