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Keywords = Inada conditions

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14 pages, 381 KB  
Article
An Economic Model for OECD Economies with Truncated M-Derivatives: Exact Solutions and Simulations
by Luis A. Quezada-Téllez, Guillermo Fernández-Anaya, Dominique Brun-Battistini, Benjamín Nuñez-Zavala and Jorge E. Macías-Díaz
Mathematics 2021, 9(15), 1780; https://doi.org/10.3390/math9151780 - 28 Jul 2021
Cited by 8 | Viewed by 3194
Abstract
This article proposes two conformal Solow models (with and without migration), accompanied by simulations for six Organisation for Economic Co-operation and Development economies. The models are proposed by employing suitable Inada conditions on the Cobb–Douglas function and making use of the truncated M [...] Read more.
This article proposes two conformal Solow models (with and without migration), accompanied by simulations for six Organisation for Economic Co-operation and Development economies. The models are proposed by employing suitable Inada conditions on the Cobb–Douglas function and making use of the truncated M-derivative for the Mittag–Leffler function. In the exact solutions derived in this manuscript, two new parameters play an important role in the convergence towards, or the divergence from, the steady state of capital and per capita product. The economical dynamics of these nations are influenced by the intensity of the capital and labor factors, as well as the level of depreciation, the labor force rate and the level of saving. Full article
(This article belongs to the Special Issue Numerical Analysis and Scientific Computing)
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