Editing Lotka–Volterra equations (section)

== Applications to economics and marketing ==
The Lotka–Volterra model has additional applications to areas such as economics<ref>{{Cite book |last=Prasolov |first=Alexander V. |title=Some quantitative methods and models in economic theory |date=2016 |publisher=Nova Publishers |isbn=978-1-63484-937-1 |series=Economic issues, problems and perspectives |location=New York}}</ref> and marketing.<ref>{{Cite journal |last1=Hung |first1=Hui-Chih |last2=Chiu |first2=Yu-Chih |last3=Wu |first3=Muh-Cherng |date=2017 |title=A Modified Lotka–Volterra Model for Diffusion and Substitution of Multigeneration DRAM Processing Technologies |journal=Mathematical Problems in Engineering |volume=2017 |pages=1–12 |doi=10.1155/2017/3038203 |issn=1024-123X|doi-access=free }}</ref><ref>{{Cite book |last=Orbach |first=Yair |title=Forecasting the Dynamics of Market and Technology |publisher=Ariel University Press |year=2022 |isbn=978-965-7632-40-6 |location=Israel |pages=123–143 |language=English}}</ref> It can be used to describe the dynamics in a market with several competitors, complementary platforms and products, a sharing economy, and more. There are situations in which one of the competitors drives the other competitors out of the market and other situations in which the market reaches an equilibrium where each firm stabilizes on its market share. It is also possible to describe situations in which there are cyclical changes in the industry or chaotic situations with no equilibrium and changes are frequent and unpredictable.

In economics, the [[Phillips curve]], which shows the statistical relationship between unemployment and the rate of change in nominal wages, has been connected by the [[Goodwin model (economics)|Goodwin model]]. This model reinterprets the dynamics of the biological prey-predator interaction, as described by the Lotka-Volterra model, in economic terms. The way the two species interact in this model led Goodwin to draw parallels with the [[Marxian class theory|Marxian class]] [[Conflicts involving Critical Mass|conflict]]. The Kolmogorov generalization of the prey-predator model, along with further developments of the Goodwin model, has extended these ideas.<ref>{{Citation |last=Orlando |first=Giuseppe |title=Growth and Cycles as a Struggle: Lotka–Volterra, Goodwin and Phillips |date=2021 |work=Nonlinearities in Economics: An Interdisciplinary Approach to Economic Dynamics, Growth and Cycles |pages=191–208 |editor-last=Orlando |editor-first=Giuseppe |url=https://link.springer.com/chapter/10.1007/978-3-030-70982-2_14 |access-date=2025-04-20 |place=Cham |publisher=Springer International Publishing |language=en |doi=10.1007/978-3-030-70982-2_14 |isbn=978-3-030-70982-2 |last2=Sportelli |first2=Mario |editor2-last=Pisarchik |editor2-first=Alexander N. |editor3-last=Stoop |editor3-first=Ruedi}}</ref>