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Difference Equations

In: Introduction to Mathematics for Economics with R

Author

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  • Massimiliano Porto

    (Kobe University)

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.

Suggested Citation

  • Massimiliano Porto, 2022. "Difference Equations," Springer Books, in: Introduction to Mathematics for Economics with R, chapter 0, pages 609-689, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-05202-6_10
    DOI: 10.1007/978-3-031-05202-6_10
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