Abstract:

There are various models of social phenomena formulated in economics, to provide simplified descriptions of the investigated reality. These models enable the interpretation of certain theories, they form a link between theory and reality and allow experiments where experiments on real objects are uneconomical.

Our paper demonstrates the possibility of using delay functional differential equations in modelling of market relationships. The aim of this paper is to analyse the behaviour of the Walras dynamic model taking into account the influence of history, applying modern methods of functional analysis. The application part shows the model construction for a real market and the results are presented graphically using Maple.