Difference Equations

Massimiliano Porto
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Massimiliano Porto: Kobe University

Chapter Chapter 10 in Introduction to Mathematics for Economics with R, 2022, pp 609-689 from Springer

Abstract: Abstract In this chapter we deal with difference equations. In Sect. 10.1 we will present first-order linear difference equations. In particular, we will discuss solution by iteration (Sect. 10.1.1) and by general method (Sect. 10.1.2). In Sect. 10.2 we will learn how to solve second-order linear difference equations. Section 10.3 is devoted to systems of linear difference equations while in Sect. 10.4 we will learn how to transform high-order difference equations. Examples of applications in Economics include: a problem with interest rate, the cobweb model, the Harrod-Domar growth model, the law of motion for public debt, and the autoregressive process. Examples of functions coded from scratch include: a function to solve difference equations by iteration, a function to solve numerically systems of first-order linear difference equations, a function to plot the results of the cobweb model, and a function that simulates the law of motion for public debt.

Date: 2022
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DOI: 10.1007/978-3-031-05202-6_10

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