Price Dynamics of a Delay Differential Cobweb Model
The paper uses a new technique to find a unique solution to a delay differential cobweb model (formulated from a joint supply-demand function of price) with real model parameters via the Lambert W-function without considering any complex branches. The dynamics of the model are demonstrated with simu...
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| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Wiley
2023-01-01
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| Series: | Discrete Dynamics in Nature and Society |
| Online Access: | http://dx.doi.org/10.1155/2023/1296562 |
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| _version_ | 1850185706177036288 |
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| author | Martin Anokye Benedict Barnes Francis Ohene Boateng Agnes Adom-Konadu John Amoah-Mensah |
| author_facet | Martin Anokye Benedict Barnes Francis Ohene Boateng Agnes Adom-Konadu John Amoah-Mensah |
| author_sort | Martin Anokye |
| collection | DOAJ |
| description | The paper uses a new technique to find a unique solution to a delay differential cobweb model (formulated from a joint supply-demand function of price) with real model parameters via the Lambert W-function without considering any complex branches. The dynamics of the model are demonstrated with simulations and found to complement previous studies using literature values. However, the condition for instability δ/β>1 in the previous studies was defied by our model due to the time delay associated with the supply function. The practical application and advantage of this model over the existing models are that the stability of this model is not limited to only the ratio of price elasticity of demand and supply but also the time-delay parameter (i.e., a missing link in the previous models). Our model, on the other hand, loses its stability when the time delay associated with the supply function is fixed at τ=1.8. Since most of the physical systems, including economical systems, are time-delay inherent and such stability conditionalities should not limit their performance, it is recommended that such systems be modelled using delay differential functions. The novelty of this research is that there has not been a definite general solution to the cobweb model with a time delay whose price dynamics mimic the behaviour of the existing cobweb models in the literature. An illustrative example in a delayed fractional-order differential equation also buttressed the importance of the time delay in the model, aside from the impact of the ratio of the price elasticity of supply and demand. |
| format | Article |
| id | doaj-art-3df4b0133ecb416d8e9c3aa9c0302243 |
| institution | OA Journals |
| issn | 1607-887X |
| language | English |
| publishDate | 2023-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Discrete Dynamics in Nature and Society |
| spelling | doaj-art-3df4b0133ecb416d8e9c3aa9c03022432025-08-20T02:16:39ZengWileyDiscrete Dynamics in Nature and Society1607-887X2023-01-01202310.1155/2023/1296562Price Dynamics of a Delay Differential Cobweb ModelMartin Anokye0Benedict Barnes1Francis Ohene Boateng2Agnes Adom-Konadu3John Amoah-Mensah4Department of MathematicsDepartment of MathsDepartment of Mathematics EducationDepartment of MathematicsDepartment of Computer ScienceThe paper uses a new technique to find a unique solution to a delay differential cobweb model (formulated from a joint supply-demand function of price) with real model parameters via the Lambert W-function without considering any complex branches. The dynamics of the model are demonstrated with simulations and found to complement previous studies using literature values. However, the condition for instability δ/β>1 in the previous studies was defied by our model due to the time delay associated with the supply function. The practical application and advantage of this model over the existing models are that the stability of this model is not limited to only the ratio of price elasticity of demand and supply but also the time-delay parameter (i.e., a missing link in the previous models). Our model, on the other hand, loses its stability when the time delay associated with the supply function is fixed at τ=1.8. Since most of the physical systems, including economical systems, are time-delay inherent and such stability conditionalities should not limit their performance, it is recommended that such systems be modelled using delay differential functions. The novelty of this research is that there has not been a definite general solution to the cobweb model with a time delay whose price dynamics mimic the behaviour of the existing cobweb models in the literature. An illustrative example in a delayed fractional-order differential equation also buttressed the importance of the time delay in the model, aside from the impact of the ratio of the price elasticity of supply and demand.http://dx.doi.org/10.1155/2023/1296562 |
| spellingShingle | Martin Anokye Benedict Barnes Francis Ohene Boateng Agnes Adom-Konadu John Amoah-Mensah Price Dynamics of a Delay Differential Cobweb Model Discrete Dynamics in Nature and Society |
| title | Price Dynamics of a Delay Differential Cobweb Model |
| title_full | Price Dynamics of a Delay Differential Cobweb Model |
| title_fullStr | Price Dynamics of a Delay Differential Cobweb Model |
| title_full_unstemmed | Price Dynamics of a Delay Differential Cobweb Model |
| title_short | Price Dynamics of a Delay Differential Cobweb Model |
| title_sort | price dynamics of a delay differential cobweb model |
| url | http://dx.doi.org/10.1155/2023/1296562 |
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