Continuous-Time Methods for Integrated Assessment Models

@article{Cai2012ContinuousTimeMF,
  title={Continuous-Time Methods for Integrated Assessment Models},
  author={Y. Cai and K. Judd and Thomas S. Lontzek},
  journal={NBER Working Paper Series},
  year={2012}
}
Continuous time is a superior representation of both the economic and climate systems that Integrated Assessment Models (IAM) aim to study. Moreover, continuous-time representations are simple to express. Continuous-time models are usually solved by discretizing time, but the quality of a solution is significantly affected by the details of the discretization. The numerical analysis literature offers many reliable methods, and should be used because alternatives derived from "intuition" may be… Expand
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