MODELING OF ESSENTIAL CHARACTERISTICS OF DYNAMICS OF THE ECONOMIC ENTITY
Published: 21 Aug 2015
Abstract: Economic entities may exhibit dynamic characteristics, both linear and nonlinear. In order to model the dynamic behavior has been presented the approach with use of transfer function. This function is understood as the relationship of the Laplace transform of the output signal to transform of the input signal. The purpose of this cognitive procedure is to replace the time domain with frequency domain. The transfer function is described in this case as follows: K (s) = Y (s) / X (s), where Y (s) is the output signal and X (s) input signal for dynamic linear part. For the nonlinear part of the economic entity has been applied deterministic modeling approach with use of the Lorenz attractor. The consequence of this modeling of linear and nonlinear dynamics was to develop a theoretical model to control selected behaviors of economic entity to enhance decision making quality / company’s management / strategy.
Keywords: economic entity/system, non-linear dynamics, control, transfer function, attractor, management
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