A new fractional dynamic cobweb model based on nonsingular kernel derivatives

Abstract

This study proposes a new dynamic differential-based cobweb model that is built under nonsingular kernel fractional derivative. The general solution of this new model is obtained using Laplace transform method. Besides, the existence and uniqueness of solutions are investigated. A comprehensive analysis is carried out to study asymptotic behaviours of solutions compared with the conformable and Caputo-type cobweb models. In fact, we have a deep observation to the convergence or divergence rate of solutions under different values of important parameters in such models to find out the effects of varying these parameters on the trends of solutions over different times interval. The theoretical foundations of this letter is supported by solving a number of examples in the last part where the new model performs better in terms of convergence rate to the equilibrium value. In fact, this report demonstrates the effectiveness of proposed cobweb model in the different times intervals where in some conditions the solutions of other models are completely divergent. Besides, we exemplify the proficiency of the new model compared with the corresponding cobweb model based on integer differential equations in which the relevant solution is divergent whereas the presented model has convergent solution in the same period time. (c) 2021 Elsevier Ltd. All rights reserved.