The Application of Fractional Calculus in Modeling Economic Growth in Serbia

The Application of Fractional Calculus in Modeling Economic Growth in Serbia

In this paper, we apply Grünwald–Letnikov-type fractional-order calculus to simulate the growth of Serbia’s gross domestic product (GDP). We also compare the fractional-order model’s results with those of a similar integer-order model. The significance of variables is assessed by the Akaike Informat...

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Bibliographic Details
Main Authors: Enes Kacapor, Duarte Valério, Ljubivoje Radonjic
Format: Article
Language:English
Published: MDPI AG 2025-06-01
Series:Fractal and Fractional
Subjects:
fractional calculus
Grünwald–Letnikov fractional derivative
economic growth model
prediction
Online Access:https://www.mdpi.com/2504-3110/9/6/384
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Summary:In this paper, we apply Grünwald–Letnikov-type fractional-order calculus to simulate the growth of Serbia’s gross domestic product (GDP). We also compare the fractional-order model’s results with those of a similar integer-order model. The significance of variables is assessed by the Akaike Information Criterion (AIC). The research demonstrates that the Grünwald–Letnikov fractional-order model provides a more accurate representation compared to the standard integer-order model and performs very accurately in predicting GDP values.
ISSN:2504-3110

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