A1 Journal article (refereed)
Time-delay control for stabilization of the Shapovalov mid-size firm model (2020)
Alexeeva, T.A., Barnett, W.A., Kuznetsov, N.V., & Mokaev, T.N. (2020). Time-delay control for stabilization of the Shapovalov mid-size firm model. IFAC-PapersOnLine, 53(2), 16971-16976. https://doi.org/10.1016/j.ifacol.2020.12.1245
JYU authors or editors
Publication details
All authors or editors: Alexeeva, T.A.; Barnett, W.A.; Kuznetsov, N.V.; Mokaev, T.N.
Journal or series: IFAC-PapersOnLine
ISSN: 2405-8963
eISSN: 2405-8963
Publication year: 2020
Volume: 53
Issue number: 2
Pages range: 16971-16976
Publisher: Elsevier
Publication country: United Kingdom
Publication language: English
DOI: https://doi.org/10.1016/j.ifacol.2020.12.1245
Publication open access: Openly available
Publication channel open access: Open Access channel
Publication is parallel published (JYX): https://jyx.jyu.fi/handle/123456789/75206
Abstract
Control and stabilization of irregular and unstable behavior of dynamic systems (including chaotic processes) are interdisciplinary problems of interest to a variety of scientific fields and applications. Using the control methods allows improvements in forecasting the dynamics of unstable economic processes and offers opportunities for governments, central banks, and other policy makers to modify the behaviour of the economic system to achieve its best performance. One effective method for control of chaos and computation of unstable periodic orbits (UPOs) is the unstable delay feedback control (UDFC) approach, suggested by K. Pyragas. This paper proposes the application of the Pyragas’ method within framework of economic models. We consider this method through the example of the Shapovalov model, by describing the dynamics of a mid-size firm. The results demonstrate that suppressing chaos is capable in the Shapovalov model, using the UDFC method.
Keywords: dynamical systems; control theory; chaos theory; economic models; economic forecasts; stabilisation (economy and society)
Free keywords: time-delay feedback control; unstable periodic orbit; stabilization; control of chaos; Lorenz-like system; nonlinear dynamics; chaotic economy; mid-size firm model
Contributing organizations
Ministry reporting: Yes
Reporting Year: 2021
JUFO rating: 1
