The Application of Fractional Calculus in Chinese Economic Growth Models

Hao Ming, JinRong Wang and Michal Fečkan
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Hao Ming: School of Mathematics and Statistics, Guizhou University, Guiyang 550025, China
JinRong Wang: School of Mathematics and Statistics, Guizhou University, Guiyang 550025, China
Michal Fečkan: Department of Mathematical Analysis and Numerical Mathematics, Faculty of Mathematics, Physics and Informatics, Comenius University in Bratislava, Mlynská Dolina, 842 48 Bratislava, Slovakia

Mathematics, 2019, vol. 7, issue 8, 1-6

Abstract: 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.

Keywords: Caputo fractional derivative; economic growth model; least squares method (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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