Related papers: Analysis of Solow-Swan model with nonlocal fractio…
The Solow-Swan equation is a cornerstone in the development of modern economic growth theory and continues to attract significant scholarly attention. This study incorporates memory effects into the classical Solow-Swan model by introducing…
The aggregate Cobb-Douglas production function stands as a central element in the renowned Solow-Swan model in economics, providing a crucial theoretical framework for comprehending the determinants of economic growth. This model not only…
A generalization of the economic model of natural growth, which takes into account the power-law memory effect, is suggested. The memory effect means the dependence of the process not only on the current state of the process, but also on…
The well-known Solow growth model is the workhorse model of the theory of economic growth, which studies capital accumulation in a model economy as a function of time with capital stock, labour and technology-based production as the basic…
This research deals with the mathematical modeling of the physical capital diffusion through the borders of the countries. The physical capital is considered an important variable for the economic growth of a country. Here we use an…
Standard dynamical systems approaches to economic modeling, such as those deriving the Cobb-Douglas and CES production functions from exponential growth trajectories, typically rely on integer-order differential equations. While effective,…
One of the most significant findings in the study of spatial Solow-Swan models is the emergence of economic agglomeration, in which economic activities concentrate in specific regions. Such agglomeration provides a fundamental mechanism…
We consider the evolution of correlation functions in a non-Markov version of the contact model in the continuum. The memory effects are introduced by assuming the fractional evolution equation for the statistical dynamics. This leads to a…
The logistic growth model is a classical framework for describing constrained growth phenomena, widely applied in areas such as population dynamics, epidemiology, and resource management. This study presents a generalized extension using…
In this study, we analyze the relationship between human population growth and economic dynamics. To do so, we present a modified version of the Verhulst model and the Solow model, which together simulate population dynamics and the role of…
We develop a tractable macroeconomic model that captures dynamic behaviors across multiple timescales, including business cycles. The model is anchored in a dynamic capital demand framework reflecting an interactions-based process whereby…
We combine high-dimensional factor models with fractional integration methods and derive models where nonstationary, potentially cointegrated data of different persistence is modelled as a function of common fractionally integrated factors.…
The article discusses a generalization of model of economic growth with constant pace, which takes into account the effects of dynamic memory. Memory means that endogenous or exogenous variable at a given time depends not only on their…
Memory effects play a crucial role in social interactions and decision-making processes. This paper proposes a novel fractional-order bounded confidence opinion dynamics model to characterize the memory effects in system states. Building…
Our study focuses on fractional order compartment models derived from underlying physical stochastic processes, providing a more physically grounded approach compared to models that use the dynamical system approach by simply replacing…
Integer-order differential operators were originally used to describe local and isotropic effects, in both space and time. However, in fields like biology, the modelling of complex phenomena with spatial heterogeneity necessitates more…
A generalization of the economic model of logistic growth, which takes into account the effects of memory and crises, is suggested. Memory effect means that the economic factors and parameters at any given time depend not only on their…
Many physical, biological, and engineered systems exhibit memory effects that challenge Markovian models. Fractional calculus provides nonlocal operators to capture hereditary dynamics. This survey connects modeling, analysis, and…
Using kicked differential equations of motion with derivatives of noninteger orders, we obtain generalizations of the dissipative standard map. The main property of these generalized maps, which are called fractional maps, is long-term…
Long memory in the sense of slowly decaying autocorrelations is a stylized fact in many time series from economics and finance. The fractionally integrated process is the workhorse model for the analysis of these time series. Nevertheless,…