Publication detail

Modelling in economics using differential equations with delay

MYŠKA, M.

Original Title

Modelling in economics using differential equations with delay

Type

article in a collection out of WoS and Scopus

Language

English

Original Abstract

Modern economic models are often constructed using functional differential equations (FDEs). With these equations, it is possible to construct models that are able to bring the described situations even closer to reality. These equations work with some sort of deformation of its arguments. Specifically, in our case, we introduce the so-called delay in these equations, which gives a subset of FDEs, namely, delay differential equations. These equations cannot be solved using classical known methods for solving ordinary differential equations (ODEs), and the theory around them is very little described in comparison with that of ODEs. In modern mathematical theory, we cannot do without the use of mathematical software, which are able, among other things, to solve this type of equations in certain cases, using basic methods for the solution. The described equations have found use in many economic applications, it is worth mentioning, for example, the model describing the so-called "shipbuilding cycle".

Keywords

dynamic models, delay differential equations, method of steps, method of characteristics, Shibuilding cycle

Authors

MYŠKA, M.

Released

11. 12. 2020

Location

Brno

Pages from

152

Pages to

161

Pages count

332

URL

https://www.konference.fbm.vutbr.cz/workshop/useruploads/files/sbornik/sbornik_workshop_2020.pdf

BibTex

@inproceedings{BUT169606,
  author="Michal {Myška}",
  title="Modelling in economics using differential equations with delay",
  booktitle="Workshop specifického výzkumu 2020",
  year="2020",
  pages="152--161",
  address="Brno",
  url="https://www.konference.fbm.vutbr.cz/workshop/useruploads/files/sbornik/sbornik_workshop_2020.pdf"
}