Calculus of variations on time scales : applications to economic models

The time scale calculus theory can be applicable to any field in which dynamic processes are described by discrete- or continuous-time models. On the other hand, many economic models are dynamic models. Therefore it is natural to relate those two subjects. This work is intended to motivate the use of the calculus of variations and optimal control problems on time scales in the study of economic models. We show that a phenomenon known from the theory of behavioral economics may be described and analyzed by dynamical systems on time scales.