A quasi-linear utility function of fractional agent-based computational economic systems defined by Palm calculus
- 2 Downloads
A new quasi-linear utility function is introduced by using the fractional calculus together with Palm calculus for agent computational economic systems. We aim to study the boundedness of the function in some Banach spaces. Moreover, we solve a control problem by maximizing the utility function under some conditions for two cases: concave and non-concave types. The application shows that the new approach is more efficiency and capacity than the regular one.
KeywordsFractional calculus Fractional differential equation Fractional utility function Palm calculus
The author would like to express her thanks to the reviewer to give very useful information and comments to improve the paper.
Compliance with ethical standards
Conflict of interest
There is no conflict of interest.
- 1.Srivastava, H.M., Raina, R.K., Yang, X.-J.: Special Functions in Fractional Calculus and Related Fractional Differintegral Equations. World Scientific, Singapore (2014)Google Scholar
- 5.Tejado, I., Valerio, D., Valerio, N.: Fractional calculus in economic growth modeling. The Portuguese case. In: 2014 International Conference on Fractional Differentiation and Its Applications (ICFDA), pp. 1–6, 23–25 (2014)Google Scholar
- 6.Tejado, I., Valerio, D., Valerio, N.: Fractional calculus in economic growth modelling. The Spanish case. In: Proceedings of the 11th Portuguese Conference on Automatic Control, Lecture Notes in Electrical Engineering, Moreira, Antonio, Paulo, Matos, Anbal, Veiga, Germano, Springer International Publishing (2015)Google Scholar