Year: 2024
Type: article
Abstract: Instead of modelling an economic agent by a hysteron, we suggest a fluid–mechanical notion of rate-dependent hysteretic agents based on the theory of Poisson counters. It leads to a simple representation of assemblies of such agents. We discuss the properties of the new version of hysteresis and its advantages over classical models of hysteresis in economics.
Source: Mathematics
DOI: 10.3390/math12243924
Authors: Rod Cross, Michael Grinfeld, Harbir Lamba
Institutions: University of Strathclyde, George Mason University
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: gold
Estimated APC paid: $2,955
OpenAlex ID: W4405375451