A rate-dependent probabilistic model of hysteresis

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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.

ORCID iDs

Cross, Rod, Grinfeld, Michael ORCID logoORCID: https://orcid.org/0000-0002-3897-8819 and Lamba, Harbir;
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