alexa Spatiotemporal Modelling in Economics

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Spatiotemporal Modelling in Economics

Economics, as any other science, resorts to the temporal and to the spatial dimensions in order to build a structure for the problems it typically addresses. In particular, time is of crucial importance, given the peculiar nature of economic problems; agents, located at any initial point in time, t=0, set plans for the future, taking into account a more or less distant horizon. It is in this kind of setting that households maximize utility and firms maximize profits, choosing optimal trajectories for consumption, for the allocation of the labor input, for prices or for traded quantities of goods and services.

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