Scholarly Research Excellence
%0 Journal Article
%A Spiros Mazarakis and  George Matzavinos and  Peter P. Groumpos
%D 2013 
%J  International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering
%B World Academy of Science, Engineering and Technology
%I International Science Index 73, 2013
%T Simulating and Forecasting Qualitative Marcoeconomic Models Using Rule-Based Fuzzy Cognitive Maps
%V 73
%X Economic models are complex dynamic systems with a lot of uncertainties and fuzzy data. Conventional modeling approaches using well known methods and techniques cannot provide realistic and satisfactory answers to today-s challenging economic problems. Qualitative modeling using fuzzy logic and intelligent system theories can be used to model macroeconomic models. Fuzzy Cognitive maps (FCM) is a new method been used to model the dynamic behavior of complex systems. For the first time FCMs and the Mamdani Model of Intelligent control is used to model macroeconomic models. This new model is referred as the Mamdani Rule-Based Fuzzy Cognitive Map (MBFCM) and provides the academic and research community with a new promising integrated advanced computational model. A new economic model is developed for a qualitative approach to Macroeconomic modeling. Fuzzy Controllers for such models are designed. Simulation results for an economic scenario are provided and extensively discussed

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