Solving of Economic Model Using Modern Methods

Abstract:

Modeling of the phenomena arising from the economic reality and reflected by the statistical data is based in particular on the mathematic disciplines like statistics, numerical methods, operational research, linear and dynamic programming, optimization, etc. A possibility of software solution of dynamical economic models by means of delay differential equations with is shown in the paper. The paper further describes some of the basic tools for work with differential equations in Maple and shows the solution of a specific model. Tinbergen’s theory of the “shipbuilding cycle”, briefly described in the paper, serves as a basis for formulating relations which are subjects of a further research. The conclusion is that although the quality of the available software, suitable for solving delay differential equations, is not as good as that of software used for solving ordinary differential equations, we can find such software that meets basic requirements. Therefore such software can be used as a supportive tool for exact modelling methods in practice.