Model of Determination of the Dynamical Stability of Economic Systems

Elena Kostenko (), Vitaly Kostenko, Volodymyr Kuznichenko and Volodymyr Lapshyn
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Elena Kostenko: Manifest Communications Inc., Ontario, Canada
Vitaly Kostenko: Department of Electronics and Control Systems, V.N. Karazin Kharkiv National University, Ukraine
Volodymyr Kuznichenko: Department of Mathematical Methods in Economics and Information Technologies, Ukraine
Volodymyr Lapshyn: Department of Mathematical Methods in Economics and Information Technologies, Ukraine

Research in Applied Economics, 2015, vol. 7, issue 2, 1-10

Abstract: The article proposes an algorithm to qualitatively determine the dynamic state of an economic system. The base data for the algorithm are the current values of the parameter that describes the deviation of the system from equilibrium. The method of phase planes is partially used. The interpolation of the statistical data of the system parameter as a function of time, as well as the parametric definition of the forces that act on the system, allows for the determination of its potential functions and points of equilibrium. The characteristics of the points of equilibrium, namely their extrema type, determine the areas of the systems stability and instability. The use of standard computer programs allows for the analytical and graphical (by analysing the form of the potential function) determination of the dynamic stability of a system, by looking at the current parameters of the system. A demonstration of the algorithm is given in an example.

Keywords: algorithm; dynamic state; economic system; equilibrium; stability (search for similar items in EconPapers)
Date: 2015
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