82.5. Conclusion
Ordinary differential equation is a powerful tool and has been widely used in finance and economics. We first introduce the basic conceptions of ODE and related approaches (classical approach and Laplace transform) that are commonly used to solve ordinary differential equations.The applications of ordinary differential equations are demonstrated in both deterministic and stochastic systems. As an application in a deterministic system, we consider a simple GDP model and an investment model for a firm. As an application in a stochastic system, we consider a
capital structure management model to calculate the optimal default-triggering level such that the value of equity of the firm is maximized.
备注：Ordinary differential equation 以及ODE均为常微分方程。
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