A Rate-Dependent Probabilistic Model of Hysteresis
Instead of modelling an economic agent by a hysteron, we suggest a fluid–mechanical notion of rate-dependent hysteretic agents based on the theory of Poisson counters. It leads to a simple representation of assemblies of such agents. We discuss the properties of the new version of hysteresis and its advantages over classical models of hysteresis in economics.
Authors
- Harbir Lamba (ORCID: https://orcid.org/0000-0002-0139-6620)
- Rod Cross (ORCID: https://orcid.org/0000-0001-9409-2791)
- Michael Grinfeld (ORCID: https://orcid.org/0000-0002-3897-8819)
Institutions
- George Mason University (US)
- University of Strathclyde (GB)
Publication Details
- Journal
- Mathematics
- Published
- 2024-12-13
- DOI
- https://doi.org/10.3390/math12243924
- Primary Topic
- Capital Investment and Risk Analysis
- Type
- article
- Field-Weighted Citation Impact
- 0.00