Stability of Cobweb economic model involving Hilfer fractional derivative

Abstract: This paper evaluates the solution of cobweb models when there is a Hilfer fractional derivative in the demand and supply function. Particular cases when Hilfer derivative reducing to Caputo and Riemann-Liouville derivative are discussed. Subsequently, the solution of the cobweb model with Riemann-Liouville derivative is derived instantly. Two numerical examples interpreting the crafted theory is deliberated with illustrations and comparisons. Conclusions based on the graphical illustrations is outlined in detail. These illustrations highlight the advantage of the Hilfer fractional derivative over the other two fractional derivatives.