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This book is devoted to the application of fractional calculus in economics to describe processes with memory and non-locality. Fractional calculus is a branch of mathematics that studies the properties of differential and integral operators that are characterized by real or complex orders. Fractional calculus methods are powerful tools for describing the processes and systems with memory and nonlocality. Recently, fractional integro-differential equations have been used to describe a wide class of economical processes with power law memory and spatial nonlocality. Generalizations of basic economic concepts and notions the economic processes with memory were proposed. New mathematical models with continuous time are proposed to describe economic dynamics with long memory. This book is a collection of articles reflecting the latest mathematical and conceptual developments in mathematical economics with memory and non-locality based on applications of fractional calculus.
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Keywords
- business cycle model
- Caputo fractional derivative
- continuous-time random walk (CTRW)
- deep assessment
- diffusion equation
- econometric modelling
- economic growth
- economic growth model
- economic theory
- Economics, finance, business & management
- economy
- econophysics
- efficient market hypothesis
- Einstein’s evolution equation
- evolutionary computing
- financial time series analysis
- fourier transform
- fractal market hypothesis
- Fractional calculus
- fractional diffusion equation
- fractional dynamics
- fractional generalization
- fundamental solution
- GDP per capita
- generalized fractional derivatives
- Group of Twenty
- growth equation
- Hopf bifurcation
- Identification
- Kolmogorov–Feller equation
- Laplace transform
- least squares
- least squares method
- long memory
- LSTM
- Mathematical Economics
- Mittag-Leffler function
- Mittag–Leffler function
- Mittag–Leffler functions
- modeling
- modelling
- n/a
- non-locality
- option pricing
- Phillips curve
- portfolio hedging
- prediction
- pseudo-phase space
- random market hypothesis
- risk sensitivities
- self-affine stochastic fields
- Stability
- system modeling
- thema EDItEUR::K Economics, Finance, Business and Management
- time delay
- time-fractional-order
Links
DOI: 10.3390/books978-3-03936-119-9Editions