Starting from the original definitions of Iterated Function Systems (IFS) and Iterated Function Systems with Probabilities (IFSP) we introduce the notions of Iterated Multifunction Systems (IMS) and Iterated Multifunction Systems with Probabilities (IMSP). We consider the IMS and IMSP as...

The aim of this paper is twofold. First of all we re-examine the long-run relationship between population and economic growth. To do this we extend the Lucas-Uzawa model along two different directions: we introduce the growth of the physical capital stock into the human capital supply equation...

A number of inverse problems may be viewed in terms of the approximation of a target element x in a complete metric space (X,d) by the fixed point x* of a contraction function T : X - X. In practice, from a family of contraction functions T(a) one wishes to find the parameter a for which the...

Many problems from the area of economics and finance can be described using dynamical models. For them, in which time is the only independent variable and for which we work in a continuous framework, these models take the form of deterministic differential equations (DEs). We may study these...

ABSTRACT: Most natural phenomena are subject to small variations in the environment within which they take place; data gathered from many runs of the same experiment may well show differences that are most suitably accounted for by a model that incorporates some randomness. Differential equations...