A rate-dependent probabilistic model of hysteresis

Cross, Rod and Grinfeld, Michael and Lamba, Harbir (2024) A rate-dependent probabilistic model of hysteresis. Mathematics, 12 (24). 3924. ISSN 2227-7390 (https://doi.org/10.3390/math12243924)

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Abstract

Instead of modelling an economic agent by a hysteron, we suggest a fluid–mechanical notion of rate-dependent hysteretic agents based on the theory of Poisson counters. It leads to a simple representation of assemblies of such agents. We discuss the properties of the new version of hysteresis and its advantages over classical models of hysteresis in economics.