A Nonlinear Microeconomic Model of Goods Production and Sale Using Functional Analysis

A Nonlinear Microeconomic Model of Goods Production and Sale Using Functional Analysis

Paper in proceedings (conference paper)

Mathematical methods have been used with increasing success in solving particular tasks of dynamic process modelling, both in macroeconomics and microeconomics. The efforts to simulate processes in situations when experiments on real objects cannot be performed or such experiments would be uneconomical are the most fre-quent reason for modelling in microeconomics. This paper presents a nonlinear dynamic model of production, storage and sale of daily consumer goods, accounting for the impact of history on the behaviour of the respec-tive values at present. The model is described using the so-called ordinary delay differential equations and may be used in production planning or as a part of models addressing issues of cooperation or competition. The solu-tion is demonstrated on a practical example and is presented graphically.

Mathematical methods have been used with increasing success in solving particular tasks of dynamic process modelling, both in macroeconomics and microeconomics. The efforts to simulate processes in situations when experiments on real objects cannot be performed or such experiments would be uneconomical are the most fre-quent reason for modelling in microeconomics. This paper presents a nonlinear dynamic model of production, storage and sale of daily consumer goods, accounting for the impact of history on the behaviour of the respec-tive values at present. The model is described using the so-called ordinary delay differential equations and may be used in production planning or as a part of models addressing issues of cooperation or competition. The solu-tion is demonstrated on a practical example and is presented graphically.

goods, delay differential equations, functional differential equation, microeconomic model

goods, delay differential equations, functional differential equation, microeconomic model

NOVOTNÁ, V.; ŠKAPA, S.

2018

02.11.2017

Management Academic Society in Romania

Bucharest

PROCEEDINGS OF THE 11th INTERNATIONAL MANAGEMENT CONFERENCE - The Role of Management in the Economic Paradigm of the XXIst Century

2286-1440

Proceedings of the ... International Management Conference

Romania

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