First-passage time for stability analysis of the Kaldor model
نویسندگان
چکیده
Every economic model should include an estimate of its stability and predictability. A new measure, the first passage time (FPT) which is defined as the time period when the model error first exceeds a pre-determined criterion (i.e., the tolerance level), is proposed here to estimate the model predictability. A theoretical framework is developed to determine the mean and variance of FPT. The classical Kaldor model is taken as an example to show the robustness of using FPT as a quantitative measure for identifying the model stability. 2005 Elsevier Ltd. All rights reserved.
منابع مشابه
BIFURCATION ANALYSIS OF A DDE MODEL OF THE CORAL REEF
In this paper, first we discuss a local stability analysis of model was introduced by P. J. Mumby et. al. (2007), with $frac{gM^{2}}{M+T}$ as the functional response term. We conclude that the grazing intensity is the important parameter to control the existence or extinction of the coral reef. Next, we consider this model under the influence of the time delay as the bifurcat...
متن کاملNon-linear Analysis of Stability in the Islamic Banking Industry
Stability analysis is one of the most important fields of study in the Islamic banking and finance industry. For measuring stability in Islamic banking, we introduced, for the first time, an Islamic banking stability index (IBS) during 2013 to 2016 which use all CAMEL factors and so seems to be more comprehensive than Z-score stability index which dominantly used in the existing literatures. To...
متن کاملHopf Bifurcation for the Discrete – Delay Kaldor-kalecki Model
The present work will focus on a Kaldor-Kalecki non –linear business cycle model in income and capital, with discrete time and delay argument characteristics. What it will state, considering an investment function similar to the one proposed by Rodano and using the linear approximation analysis, are the local stability property and local bifurcations conditions, given the parameter space. Numer...
متن کاملEigenvalue calculator for Islanded Inverter-Based Microgrids
The stability analysis of islanded inverter-based microgrids (IBMGs) is increasingly an important and challenging topic due to the nonlinearity of IBMGs. In this paper, a new linear model for such microgrids as well as an iterative method to correct the linear model is proposed. Using the linear model makes it easy to analyze the eigenvalues and stability of IBMGs due to the fact that it derive...
متن کاملStability analysis and feedback control of T-S fuzzy hyperbolic delay model for a class of nonlinear systems with time-varying delay
In this paper, a new T-S fuzzy hyperbolic delay model for a class of nonlinear systems with time-varying delay, is presented to address the problems of stability analysis and feedback control. Fuzzy controller is designed based on the parallel distributed compensation (PDC), and with a new Lyapunov function, delay dependent asymptotic stability conditions of the closed-loop system are derived v...
متن کامل