Parameters Estimation and Stability Analysis of Nonlinear Fractional-Order Economic System Based on Empirical Data

Parameters Estimation and Stability Analysis of Nonlinear Fractional-Order Economic System Based on Empirical Data

This paper is devoted to propose a novel method for studying the macroeconomic system with fractional derivative, which can depict the memory property of actual data of economic variables. First of all, we construct a constrained optimal problem to evaluate the coefficients of nonlinear fractional f...

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Main Authors: Lei He, Xiong Wang
Format: Article
Language:English
Published: Hindawi Limited 2014-01-01
Series:Abstract and Applied Analysis
Online Access:http://dx.doi.org/10.1155/2014/130548
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spelling doaj-51d7adeaa4cb43b6a2081a28c122c7f12020-11-24T21:33:57ZengHindawi LimitedAbstract and Applied Analysis1085-33751687-04092014-01-01201410.1155/2014/130548130548Parameters Estimation and Stability Analysis of Nonlinear Fractional-Order Economic System Based on Empirical DataLei He0Xiong Wang1School of Business, Central South University, Changsha, Hunan 410083, ChinaSchool of Business, Central South University, Changsha, Hunan 410083, ChinaThis paper is devoted to propose a novel method for studying the macroeconomic system with fractional derivative, which can depict the memory property of actual data of economic variables. First of all, we construct a constrained optimal problem to evaluate the coefficients of nonlinear fractional financial system based on empirical data and design the corresponding genetic algorithm. Then, based on the stability criteria of fractional dynamical systems, the methodology of stability analysis is proposed to investigate the stability of the estimated nonlinear fractional dynamic system. Finally, our method is applied to discuss the macroeconomic system of the US, Australia, and UK to demonstrate its effectiveness and applicability.http://dx.doi.org/10.1155/2014/130548
collection DOAJ
language English
format Article
sources DOAJ
author Lei He
Xiong Wang
spellingShingle Lei He
Xiong Wang
Parameters Estimation and Stability Analysis of Nonlinear Fractional-Order Economic System Based on Empirical Data
Abstract and Applied Analysis
author_facet Lei He
Xiong Wang
author_sort Lei He
title Parameters Estimation and Stability Analysis of Nonlinear Fractional-Order Economic System Based on Empirical Data
title_short Parameters Estimation and Stability Analysis of Nonlinear Fractional-Order Economic System Based on Empirical Data
title_full Parameters Estimation and Stability Analysis of Nonlinear Fractional-Order Economic System Based on Empirical Data
title_fullStr Parameters Estimation and Stability Analysis of Nonlinear Fractional-Order Economic System Based on Empirical Data
title_full_unstemmed Parameters Estimation and Stability Analysis of Nonlinear Fractional-Order Economic System Based on Empirical Data
title_sort parameters estimation and stability analysis of nonlinear fractional-order economic system based on empirical data
publisher Hindawi Limited
series Abstract and Applied Analysis
issn 1085-3375
1687-0409
publishDate 2014-01-01
description This paper is devoted to propose a novel method for studying the macroeconomic system with fractional derivative, which can depict the memory property of actual data of economic variables. First of all, we construct a constrained optimal problem to evaluate the coefficients of nonlinear fractional financial system based on empirical data and design the corresponding genetic algorithm. Then, based on the stability criteria of fractional dynamical systems, the methodology of stability analysis is proposed to investigate the stability of the estimated nonlinear fractional dynamic system. Finally, our method is applied to discuss the macroeconomic system of the US, Australia, and UK to demonstrate its effectiveness and applicability.
url http://dx.doi.org/10.1155/2014/130548
work_keys_str_mv AT leihe parametersestimationandstabilityanalysisofnonlinearfractionalordereconomicsystembasedonempiricaldata
AT xiongwang parametersestimationandstabilityanalysisofnonlinearfractionalordereconomicsystembasedonempiricaldata
_version_ 1725951121974886400

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