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On the simultaneous estimation of delay model parameters in economic dynamics

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  • Prasolov, Alexander V.

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.

Suggested Citation

  • Prasolov, Alexander V., 2018. "On the simultaneous estimation of delay model parameters in economic dynamics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 509(C), pages 1102-1109.
    • Handle: RePEc:eee:phsmap:v:509:y:2018:i:c:p:1102-1109
    DOI: 10.1016/j.physa.2018.06.104
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    References listed on IDEAS

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