Mathematically speaking, is there any essential difference between initial value problems and boundary value problems?
The specification of the values of a function $f$ and the "velocities" $\frac{\partial f}{\partial t}$ at an initial time $t=0$ can also be seen, I think, as the specification of boundary values, since the boundaries of the variable $t$ are, usually, at $t=0$ and $t<\infty$.
Answer
In many cases, there really is no difference. Think of the specification of initial values as boundary values on a "time slice." (Incidentally, I addressed a question tangentially related to this the other day: Differentiating Propagator, Greens function, Correlation function, etc) However, sometimes the specificity of calling something an initial value question might indicate something useful about the boundary, e.g. that it is a Cauchy surface and all of the rest of space lies in its causal future/past if the problem is relativistic.
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