Chaos control in economical model by time-delayed feedback method

A two-dimensional map describing chaotic behaviour of an economic model has been stabilized on various periodic orbits by the use of Pyragas time-delayed feedback control. The method avoids fancy data processing used in the Ott-Grebogi-Yorke approach and is based solely on the plain measurement and time lag of a scalar signal which in our case is a value of sales of a firm following an active investment strategy (Behrens-Feichtinger model). We show that the application of this control method is very straightforward and one can easily switch from a chaotic trajectory to a regular periodic orbit and simultaneously improve the system's economic properties.