A Stochastic Cobweb Dynamical Model

Figure 5

Solution obtained using finite differences and solution obtained using statistical simulation at time 𝑡=4 for 𝜇=2.8, 𝛾=0.5, 𝑞=0.6, and initial condition 𝑃₀=3 with probability one, that is 𝜋_𝑖(0)=𝛿_𝑖,3,𝑖=1,2,…,11. We compare the results obtained using different values of the time discretization step Δ𝑡.

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