Nonlinear dynamics and chaos in a fractional-order financial system

Wei-Ching Chen

Chaos, Solitons & Fractals, 2008, vol. 36, issue 5, 1305-1314

Abstract: This study examines the two most attractive characteristics, memory and chaos, in simulations of financial systems. A fractional-order financial system is proposed in this study. It is a generalization of a dynamic financial model recently reported in the literature. The fractional-order financial system displays many interesting dynamic behaviors, such as fixed points, periodic motions, and chaotic motions. It has been found that chaos exists in fractional-order financial systems with orders less than 3. In this study, the lowest order at which this system yielded chaos was 2.35. Period doubling and intermittency routes to chaos in the fractional-order financial system were found.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:eee:chsofr:v:36:y:2008:i:5:p:1305-1314

DOI: 10.1016/j.chaos.2006.07.051

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