A Rate-Dependent Probabilistic Model of Hysteresis
Instead of modelling an economic agent by a hysteron, we suggest a fluid–mechanical notion of rate-dependent hysteretic agents based on the theory of Poisson counters. It leads to a simple representation of assemblies of such agents. We discuss the properties of the new version of hysteresis and its...
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| Language: | English |
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MDPI AG
2024-12-01
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| Series: | Mathematics |
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| Online Access: | https://www.mdpi.com/2227-7390/12/24/3924 |
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| author | Rod Cross Michael Grinfeld Harbir Lamba |
| author_facet | Rod Cross Michael Grinfeld Harbir Lamba |
| author_sort | Rod Cross |
| collection | DOAJ |
| description | Instead of modelling an economic agent by a hysteron, we suggest a fluid–mechanical notion of rate-dependent hysteretic agents based on the theory of Poisson counters. It leads to a simple representation of assemblies of such agents. We discuss the properties of the new version of hysteresis and its advantages over classical models of hysteresis in economics. |
| format | Article |
| id | doaj-art-51d65e8701ea443fb1cf61686dc65ebc |
| institution | OA Journals |
| issn | 2227-7390 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Mathematics |
| spelling | doaj-art-51d65e8701ea443fb1cf61686dc65ebc2025-08-20T02:00:39ZengMDPI AGMathematics2227-73902024-12-011224392410.3390/math12243924A Rate-Dependent Probabilistic Model of HysteresisRod Cross0Michael Grinfeld1Harbir Lamba2Department of Economics, Duncan Wing, Strathclyde Business School, 199 Cathedral Street, Glasgow G4 0QU, UKDepartment of Mathematics and Statistics, University of Strathclyde, Glasgow G1 1XH, UKDepartment of Mathematical Sciences, George Mason University, Fairfax, VA 22030, USAInstead of modelling an economic agent by a hysteron, we suggest a fluid–mechanical notion of rate-dependent hysteretic agents based on the theory of Poisson counters. It leads to a simple representation of assemblies of such agents. We discuss the properties of the new version of hysteresis and its advantages over classical models of hysteresis in economics.https://www.mdpi.com/2227-7390/12/24/3924hysteresissupply and demandPoisson counters |
| spellingShingle | Rod Cross Michael Grinfeld Harbir Lamba A Rate-Dependent Probabilistic Model of Hysteresis Mathematics hysteresis supply and demand Poisson counters |
| title | A Rate-Dependent Probabilistic Model of Hysteresis |
| title_full | A Rate-Dependent Probabilistic Model of Hysteresis |
| title_fullStr | A Rate-Dependent Probabilistic Model of Hysteresis |
| title_full_unstemmed | A Rate-Dependent Probabilistic Model of Hysteresis |
| title_short | A Rate-Dependent Probabilistic Model of Hysteresis |
| title_sort | rate dependent probabilistic model of hysteresis |
| topic | hysteresis supply and demand Poisson counters |
| url | https://www.mdpi.com/2227-7390/12/24/3924 |
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