1
Department of Mathematics, Faculty of Science, University of Lagos, Akoka, Nigeria.
2
Department of Mathematics, Faculty of Science, University of Lagos, Lagos, Nigeria
10.22075/ijnaa.2020.19155.2059
Abstract
Conventional dynamic models in economics are usually expressed in discrete or continuous time. A new modelling technique-time scales calculus-unifies both of these approaches into a general framework. We present and construct a dynamic optimization problem from economics in which the utility function is $\phi_{h}$-concave and the value function and constraints are on different time scales. The calculus of variations and optimal control are employed, with the aid of the newly introduced diamond-$\phi_{h}$ dynamic calculus by the authors [12] on time scales, to obtain a solution. The Hermite-Hadamard inequality with the diamond-$\phi_{h}$ dynamic integral follows a proof of the new model. The new diamond-$\phi_{h}$ time scale model unifies various related existing models involving general and more complex time domains.
Opeyemi, F., Alao, M., Olajiire, O. (2020). Diamond-Phi_h dynamics on time scales with an application to economics. International Journal of Nonlinear Analysis and Applications, 11(1), 277-290. doi: 10.22075/ijnaa.2020.19155.2059
MLA
Fagbemigun Opeyemi; Mogbademu Alao; Olaleru Olajiire. "Diamond-Phi_h dynamics on time scales with an application to economics". International Journal of Nonlinear Analysis and Applications, 11, 1, 2020, 277-290. doi: 10.22075/ijnaa.2020.19155.2059
HARVARD
Opeyemi, F., Alao, M., Olajiire, O. (2020). 'Diamond-Phi_h dynamics on time scales with an application to economics', International Journal of Nonlinear Analysis and Applications, 11(1), pp. 277-290. doi: 10.22075/ijnaa.2020.19155.2059
VANCOUVER
Opeyemi, F., Alao, M., Olajiire, O. Diamond-Phi_h dynamics on time scales with an application to economics. International Journal of Nonlinear Analysis and Applications, 2020; 11(1): 277-290. doi: 10.22075/ijnaa.2020.19155.2059
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