Chaos control in economical model by time-delayed feedback method
Janusz Hołyst , Krzysztof Urbanowicz
AbstractA two-dimensional map describing chaotic behaviour of an economic model has been stabilized on various periodic orbits by the use of Pyragas time-delayed feedback control. The method avoids fancy data processing used in the Ott–Grebogi–Yorke approach and is based solely on the plain measurement and time lag of a scalar signal which in our case is a value of sales of a firm following an active investment strategy (Behrens–Feichtinger model). We show that the application of this control method is very straightforward and one can easily switch from a chaotic trajectory to a regular periodic orbit and simultaneously improve the system's economic properties.
|Journal series||Physica A-Statistical Mechanics and Its Applications, ISSN 0378-4371|
|Keywords in English||Chaos control, Microeconomy, Time-discrete dynamics|
|Publication indicators||= 84; = 147.0; = 102; : 2014 = 1.253; : 2006 = 1.311 (2) - 2007=1.469 (5)|
|Citation count*||151 (2020-09-01)|
* presented citation count is obtained through Internet information analysis and it is close to the number calculated by the Publish or Perish system.