Detail publikace

The Use of Functional Differential Equations in the Model of the Meat Market with Supply Delay

NOVOTNÁ, V. BOBALOVÁ, M.

Originální název

The Use of Functional Differential Equations in the Model of the Meat Market with Supply Delay

Typ

článek ve sborníku ve WoS nebo Scopus

Jazyk

angličtina

Originální abstrakt

In economic applications, we have to make the assumption that relations between the variables vary with time. One of the possible ways of incorporating the process dynamics into the model is to describe the model by functional equations. The paper is based on the assumption that the balance between the demand and supply can be successfully expressed by a model described by differential equations, even if the goods are supplied with a certain delay. The equation is solved by modern theory. Theoretical results are illustrated by an example, with concrete results presented in graphical form. The solution is presented by modern computer simulation and the Maple system is used. The authors come to the conclusion that a delay in the supply of goods can cause an oscillation in the price. On the other hand, it is possible to define conditions under which the solution is monotonous.

Klíčová slova

Differential equations; functional; model; Walras; delay; Maple.

Autoři

NOVOTNÁ, V.; BOBALOVÁ, M.

Rok RIV

2015

Vydáno

1. 12. 2015

Nakladatel

Elsevier

Místo

Kaunas

ISSN

1877-0428

Periodikum

Procedia Social and Behavioral Sciences

Stát

Nizozemsko

Strany od

74

Strany do

79

Strany počet

6

URL

https://www.sciencedirect.com/science/article/pii/S1877042815057535

Plný text v Digitální knihovně

http://hdl.handle.net/11012/84211

BibTex

@inproceedings{BUT119247,
  author="Veronika {Novotná} and Martina {Bobalová}",
  title="The Use of Functional Differential Equations in the Model of the Meat Market with Supply Delay",
  booktitle="20th International Scientific Conference {"}Economics and Management 2015 (ICEM-2015){"}",
  year="2015",
  journal="Procedia Social and Behavioral Sciences",
  pages="74--79",
  publisher="Elsevier",
  address="Kaunas",
  doi="10.1016/j.sbspro.2015.11.406",
  issn="1877-0428",
  url="https://www.sciencedirect.com/science/article/pii/S1877042815057535"
}