A Stochastic Cobweb Dynamical Model

Figure 6

Solution obtained using finite differences and solution obtained using statistical simulation for 𝜇=3.34, at time 𝑡=8 for 𝜇=3.34, 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.

(a)

(b)