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Partial chaos suppression in a fractional order macroeconomic model

Author

Listed:
  • David, S.A.
  • Machado, J.A.T.
  • Quintino, D.D.
  • Balthazar, J.M.

Abstract

This work investigates the possibility of suppressing chaos in a fractional-nonlinear macroeconomic dynamic model. The system generalizes a model recently reported in the literature in which chaos is strongly present. This description involves the inclusion of the public sector deficit and its coupling with other variables. The system is simulated for integer and non-integer orders that produce a complex dynamics. The time histories and the phase diagrams are presented. The main contribution of this work refers to the adoption of the largest Lyapunov exponent (LLE) criteria based on Wolf’s algorithm. This approach improves the response of the system, suppressing, at least partially, the strong presence of chaos reported in previous studies.

Suggested Citation

  • David, S.A. & Machado, J.A.T. & Quintino, D.D. & Balthazar, J.M., 2016. "Partial chaos suppression in a fractional order macroeconomic model," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 122(C), pages 55-68.
    • Handle: RePEc:eee:matcom:v:122:y:2016:i:c:p:55-68
    DOI: 10.1016/j.matcom.2015.11.004
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    Cited by:

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    3. Muñoz-Vázquez, Aldo Jonathan & Ortiz-Moctezuma, Manuel Benjamín & Sánchez-Orta, Anand & Parra-Vega, Vicente, 2019. "Adaptive robust control of fractional-order systems with matched and mismatched disturbances," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 162(C), pages 85-96.
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    5. Chien, Fengsheng & Inc, Mustafa & Yosefzade, Hamidreza & Saberi Nik, Hassan, 2021. "Predicting the chaos and solution bounds in a complex dynamical system," Chaos, Solitons & Fractals, Elsevier, vol. 153(P1).
    6. Gao, Wei & Yan, Li & Saeedi, Mohammadhossein & Saberi Nik, Hassan, 2018. "Ultimate bound estimation set and chaos synchronization for a financial risk system," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 154(C), pages 19-33.
    7. Jahanshahi, Hadi & Yousefpour, Amin & Wei, Zhouchao & Alcaraz, Raúl & Bekiros, Stelios, 2019. "A financial hyperchaotic system with coexisting attractors: Dynamic investigation, entropy analysis, control and synchronization," Chaos, Solitons & Fractals, Elsevier, vol. 126(C), pages 66-77.
    8. Vasily E. Tarasov, 2019. "On History of Mathematical Economics: Application of Fractional Calculus," Mathematics, MDPI, vol. 7(6), pages 1-28, June.
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    10. Ren, Lei & Lin, Ming-Hung & Abdulwahab, Abdulkareem & Ma, Jun & Saberi-Nik, Hassan, 2023. "Global dynamical analysis of the integer and fractional 4D hyperchaotic Rabinovich system," Chaos, Solitons & Fractals, Elsevier, vol. 169(C).

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