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ordinary differential equation |
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ordinary differential equationEquation containing derivatives of a function of a single variable. Its order is the order of the highest derivative it contains (e.g., a first-order differential equation involves only the first derivative of the function). Because the derivative is a rate of change, such an equation states how a function changes but does not specify the function itself. Given sufficient initial conditions, however, such as a specific function value, the function can be found by various methods, most based on integration. |
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1) This can also be shown more formally by rewriting Equation 3 as a first-order differential equation that describes the behavior of the level of TFP. The solution of the first-order differential equation, (25), is: |
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