Compared with "discrete-time" models, "the continuous-time models are mathematically more complex," says Merton. He quickly became convinced, however, that "the derived results of the continuous-time models were often more precise and easier to interpret than their discrete-time counterparts" (Merton 1998, pp. 18-19). His "intertemporal" Capital Asset Pricing Model (Merton 1973b), for example, did not necessitate the "quadratic utility" assumption of the original.

Donald MacKenzie, An Engine, Not a Camera, loc. 594