Kacapor, Enes and Valerio, Duarte and Radonjić, Ljubivoje (2025) The Application of Fractional Calculus in Modeling Economic Growth in Serbia. Fractal and fractional. ISSN 2504-3110
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In this paper, we apply Grünwald–Letnikov-type fractional-order calculus to simulate the growth of Serbia’s gross domestic product (GDP). We also compare the fractional-order model’s results with those of a similar integer-order model. The significance of variables is assessed by the Akaike Information Criterion (AIC). The research demonstrates that the Grünwald–Letnikov fractional-order model provides a more accurate representation compared to the standard integer-order model and performs very accurately in predicting GDP values.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | fractional calculus, Grünwald–Letnikov fractional derivative, economic growth model, prediction |
| Research Department: | Macroeconomics |
| Depositing User: | Jelena Banovic |
| Date Deposited: | 20 Nov 2025 10:32 |
| Last Modified: | 20 Nov 2025 10:32 |
| URI: | http://ebooks.ien.bg.ac.rs/id/eprint/2250 |
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