On the simultaneous estimation of delay model parameters in economic dynamics

Alexander V. Prasolov

Physica A: Statistical Mechanics and its Applications, 2018, vol. 509, issue C, 1102-1109

Abstract: Mathematical models in the form of differential equations with a time lag have been widely used in economics, biology, engineering and medicine to model dynamical interactions. In this paper, a heuristic estimation algorithm of delay values is offered in discrete deterministic systems by minimizing the average quadratic deviation for parameter identification. A well-known “predator–prey” model falls within the solution set we offer and is widely used in economics. Obviously, real data requires the analysis of random measurement innovations be taken into account; however, this aspect is not considered for the sake of convenience.

Keywords: Mathematical models; Time lag; Identification; “Predator–prey” model (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:509:y:2018:i:c:p:1102-1109

DOI: 10.1016/j.physa.2018.06.104

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