The Application of Fractional Calculus in Chinese Economic Growth Models

The Application of Fractional Calculus in Chinese Economic Growth Models

In this paper, we apply Caputo-type fractional order calculus to simulate China’s gross domestic product (GDP) growth based on R software, which is a free software environment for statistical computing and graphics. Moreover, we compare the results for the fractional model with the integer...

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Main Authors: Hao Ming, JinRong Wang, Michal Fečkan
Format: Article
Language:English
Published: MDPI AG 2019-07-01
Series:Mathematics
Subjects:
Caputo fractional derivative
economic growth model
least squares method
Online Access:https://www.mdpi.com/2227-7390/7/8/665
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spelling doaj-5113c23b4e6d447ea60949e04dfb5afe2020-11-25T00:56:29ZengMDPI AGMathematics2227-73902019-07-017866510.3390/math7080665math7080665The Application of Fractional Calculus in Chinese Economic Growth ModelsHao Ming0JinRong Wang1Michal Fečkan2School of Mathematics and Statistics, Guizhou University, Guiyang 550025, ChinaSchool of Mathematics and Statistics, Guizhou University, Guiyang 550025, ChinaDepartment of Mathematical Analysis and Numerical Mathematics, Faculty of Mathematics, Physics and Informatics, Comenius University in Bratislava, Mlynská Dolina, 842 48 Bratislava, SlovakiaIn this paper, we apply Caputo-type fractional order calculus to simulate China’s gross domestic product (GDP) growth based on R software, which is a free software environment for statistical computing and graphics. Moreover, we compare the results for the fractional model with the integer order model. In addition, we show the importance of variables according to the BIC criterion. The study shows that Caputo fractional order calculus can produce a better model and perform more accurately in predicting the GDP values from 2012−2016.https://www.mdpi.com/2227-7390/7/8/665Caputo fractional derivativeeconomic growth modelleast squares method
collection DOAJ
language English
format Article
sources DOAJ
author Hao Ming
JinRong Wang
Michal Fečkan
spellingShingle Hao Ming
JinRong Wang
Michal Fečkan
The Application of Fractional Calculus in Chinese Economic Growth Models
Mathematics
Caputo fractional derivative
economic growth model
least squares method
author_facet Hao Ming
JinRong Wang
Michal Fečkan
author_sort Hao Ming
title The Application of Fractional Calculus in Chinese Economic Growth Models
title_short The Application of Fractional Calculus in Chinese Economic Growth Models
title_full The Application of Fractional Calculus in Chinese Economic Growth Models
title_fullStr The Application of Fractional Calculus in Chinese Economic Growth Models
title_full_unstemmed The Application of Fractional Calculus in Chinese Economic Growth Models
title_sort application of fractional calculus in chinese economic growth models
publisher MDPI AG
series Mathematics
issn 2227-7390
publishDate 2019-07-01
description In this paper, we apply Caputo-type fractional order calculus to simulate China’s gross domestic product (GDP) growth based on R software, which is a free software environment for statistical computing and graphics. Moreover, we compare the results for the fractional model with the integer order model. In addition, we show the importance of variables according to the BIC criterion. The study shows that Caputo fractional order calculus can produce a better model and perform more accurately in predicting the GDP values from 2012−2016.
topic Caputo fractional derivative
economic growth model
least squares method
url https://www.mdpi.com/2227-7390/7/8/665
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