Publication detail

The Use of Functional Differential Equations in the Model of the Meat Market with Supply Delay

NOVOTNÁ, V. BOBALOVÁ, M.

Original Title

The Use of Functional Differential Equations in the Model of the Meat Market with Supply Delay

Type

conference paper

Language

English

Original Abstract

In economic applications, we have to make the assumption that relations between the variables vary with time. One of the possible ways of incorporating the process dynamics into the model is to describe the model by functional equations. The paper is based on the assumption that the balance between the demand and supply can be successfully expressed by a model described by differential equations, even if the goods are supplied with a certain delay. The equation is solved by modern theory. Theoretical results are illustrated by an example, with concrete results presented in graphical form. The solution is presented by modern computer simulation and the Maple system is used. The authors come to the conclusion that a delay in the supply of goods can cause an oscillation in the price. On the other hand, it is possible to define conditions under which the solution is monotonous.

Keywords

Differential equations; functional; model; Walras; delay; Maple.

Authors

NOVOTNÁ, V.; BOBALOVÁ, M.

RIV year

2015

Released

1. 12. 2015

Publisher

Elsevier

Location

Kaunas

ISBN

1877-0428

Periodical

Procedia Social and Behavioral Sciences

State

Kingdom of the Netherlands

Pages from

74

Pages to

79

Pages count

6

URL

https://www.sciencedirect.com/science/article/pii/S1877042815057535

Full text in the Digital Library

http://hdl.handle.net/11012/84211

BibTex

@inproceedings{BUT119247,
  author="Veronika {Novotná} and Martina {Bobalová}",
  title="The Use of Functional Differential Equations in the Model of the Meat Market with Supply Delay",
  booktitle="20th International Scientific Conference {"}Economics and Management 2015 (ICEM-2015){"}",
  year="2015",
  journal="Procedia Social and Behavioral Sciences",
  pages="74--79",
  publisher="Elsevier",
  address="Kaunas",
  doi="10.1016/j.sbspro.2015.11.406",
  issn="1877-0428",
  url="https://www.sciencedirect.com/science/article/pii/S1877042815057535"
}