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A note on Caputo’s derivative operator interpretation in economy. (English) Zbl 1437.91125
Summary: We propound the economic idea in terms of fractional derivatives, which involves the modified Caputo’s fractional derivative operator. The suggested economic interpretation is based on a generalization of average count and marginal value of economic indicators. We use the concepts of \(T\)-indicators which analyses the economic performance with the presence of memory. The reaction of economic agents due to recurrence identical alteration is minimized by using the modified Caputo’s derivative operator of order \(\lambda\) instead of integer order derivative \(n\). The two sides of Caputo’s derivative are expressed by a brief time-line. The degree of attenuation is further depressed by involving the modified Caputo’s operator.

MSC:
91B02 Fundamental topics (basic mathematics, methodology; applicable to economics in general)
26A33 Fractional derivatives and integrals
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