Logistic map with memory from economic model. (February 2017)

• Record Type: Journal Article
• Authors: Tarasova, Valentina V.; Tarasov, Vasily E.
• Is Part Of: Chaos, solitons and fractals. Volume 95(2017)
• Page Start: 84
• Page End: 91
• Publication Date: 2017-02
• Subjects: Model of logistic growth -- Logistic map -- Chaos -- Discrete map with memory -- Hereditarity -- Memory effects -- Power-law memory -- Derivatives of non-integer order; C02 -- C65 -- D40; 26A33 -- 34A08; Chaotic behavior in systems -- Periodicals; Solitons -- Periodicals; Fractals -- Periodicals; Chaotic behavior in systems; Fractals; Solitons; Periodicals; 003.7
• DOI: 10.1016/j.chaos.2016.12.012
• Languages: English
• ISSNs: 0960-0779

Abstract

Abstract: A generalization of the economic model of logistic growth, which takes into account the effects of memory and crises, is suggested. Memory effect means that the economic factors and parameters at any given time depend not only on their values at that time, but also on their values at previous times. For the mathematical description of the memory effects, we use the theory of derivatives of non-integer order. Crises are considered as sharp splashes (bursts) of the price, which are mathematically described by the delta-functions. Using the equivalence of fractional differential equations and the Volterra integral equations, we obtain discrete maps with memory that are exact discrete analogs of fractional differential equations of economic processes. We derive logistic map with memory, its generalizations, and "economic" discrete maps with memory from the fractional differential equations, which describe the economic natural growth with competition, power-law memory and crises.