First-passage failure of a business cycle model under time-delayed feedback control and wide-band random excitation |
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Authors: | Jiaorui Li C.S. Feng |
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Affiliation: | a School of Statistics, Xi’an University of Finance & Economics, Xi’an 710100, PR Chinab Institute of Mechatronic Engineering, Hangzhou Dianzi University, Hangzhou 310018, PR China |
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Abstract: | First-passage failure of a classical business cycle model subject to time-delayed feedback control and wide-band random excitation is investigated in this paper. First, we get the averaged equation by using a stochastic averaging method, and then a backward Kolmogorov equation governing the conditional reliability function and a set of generalized Pontryagin equations governing the conditional moments of first-passage time are established. The conditional reliability function, the conditional probability density and moments of first-passage time are obtained by solving the backward Kolmogorov equation and generalized Pontryagin equations analytically and numerically with suitable initial and boundary conditions. The results show that time delay in the feedback control forces may remarkably reduce the conditional reliability and the mean first-passage time of the controlled economics system. |
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Keywords: | Business cycle model Wide-band noise Time-delayed feedback First-passage failure |
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