We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
"S-shaped" Economic Dynamics. The Logistic and Gompertz curves generalized.
- Authors
Jarne, Gloria; Sánchez-Chóliz, Julio; Fatás-Villafranca, Francisco
- Abstract
Over the years "S-shaped" evolutions have regularly been incorporated in economic models, and indeed in those of other sciences, by way of the logistic or Gompertz equations. However, both equations have noteworthy shortcomings when fitting some empirical features of economic growth: the logistic equation is characterized by strong symmetries, whilst the growth rate is decreasing in the case of both equations. In this paper, we have set out to overcome these limitations by defining a family of unimodal differential equations which includes the logistic and Gompertz equations and covers practically the whole spectrum of sigmoid curves. We have identified three sub-families of these differential equations, all offering good mathematical expressions. Using these, it is possible to obtain an acceptable fit for any S-shaped curve. The results are applied to various economic series, successfully replicating certain well-known economic phenomena.
- Subjects
ECONOMIC models; EQUATIONS; ECONOMIC development; GROWTH rate; DIFFERENTIAL equations; CURVES
- Publication
Electronic Journal of Evolutionary Modeling & Economic Dynamics, 2005, Issue 3, p1
- ISSN
1298-0137
- Publication type
Article