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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| Format: | Article |
| Language: | English |
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MDPI AG
2025-06-01
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| Series: | Fractal and Fractional |
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| Online Access: | https://www.mdpi.com/2504-3110/9/6/384 |
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| author | Enes Kacapor Duarte Valério Ljubivoje Radonjic |
| author_facet | Enes Kacapor Duarte Valério Ljubivoje Radonjic |
| author_sort | Enes Kacapor |
| collection | DOAJ |
| description | 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. |
| format | Article |
| id | doaj-art-55cd0294d33247b8bc34729e2f3f9fba |
| institution | Kabale University |
| issn | 2504-3110 |
| language | English |
| publishDate | 2025-06-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Fractal and Fractional |
| spelling | doaj-art-55cd0294d33247b8bc34729e2f3f9fba2025-08-20T03:24:36ZengMDPI AGFractal and Fractional2504-31102025-06-019638410.3390/fractalfract9060384The Application of Fractional Calculus in Modeling Economic Growth in SerbiaEnes Kacapor0Duarte Valério1Ljubivoje Radonjic2Department of Sciences and Mathematics, State University of Novi Pazar, 36300 Novi Pazar, SerbiaIDMEC, Instituto Superior Técnico, Universidade de Lisboa, 1049-001 Lisbon, PortugalDepartment of Economic Sciences, State University of Novi Pazar, 36300 Novi Pazar, SerbiaIn 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.https://www.mdpi.com/2504-3110/9/6/384fractional calculusGrünwald–Letnikov fractional derivativeeconomic growth modelprediction |
| spellingShingle | Enes Kacapor Duarte Valério Ljubivoje Radonjic The Application of Fractional Calculus in Modeling Economic Growth in Serbia Fractal and Fractional fractional calculus Grünwald–Letnikov fractional derivative economic growth model prediction |
| title | The Application of Fractional Calculus in Modeling Economic Growth in Serbia |
| title_full | The Application of Fractional Calculus in Modeling Economic Growth in Serbia |
| title_fullStr | The Application of Fractional Calculus in Modeling Economic Growth in Serbia |
| title_full_unstemmed | The Application of Fractional Calculus in Modeling Economic Growth in Serbia |
| title_short | The Application of Fractional Calculus in Modeling Economic Growth in Serbia |
| title_sort | application of fractional calculus in modeling economic growth in serbia |
| topic | fractional calculus Grünwald–Letnikov fractional derivative economic growth model prediction |
| url | https://www.mdpi.com/2504-3110/9/6/384 |
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