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Solving Delay Differential Equations: Some Examples from Economic Dynamics

Henryk Zawadzki
Organization: University of Economics, Katowice, Poland

Wolfram Technology Conference 2011
Conference location

Champaign, Illinois, USA

The subject of the presentation is included in the field of research of a new, intensively developing scientific discipline called computational economics. Delay differential equations (DDEs), also known as mixed differential-difference equations, are in use as models for phenomena in the life sciences, physics, technology, and chemistry. In economics, DDEs appeared in the early 1930s in works of, among others, R. Frisch and M. Kalecki and (later) in works of J. Tinbergen and R. M. Goodwin. The purpose of the presentation is to show how to use Mathematica's NDSolve and DDESteps functions for solving DDEs appearing in the Kalecki business cycle model and the neoclassical Solow–Swan model with a time lag in the investment process.

*Wolfram Technology

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SolvingDelayDifferentialEquations.cdf (1006.2 KB) - CDF Document
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