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In this paper, we consider an approximation of the Caputo fractional derivative and its asymptotic expansion formula, whose generating function is the polylogarithm function. We prove the convergence of the approximation and derive an estimate for the error and order. The approximation is applied for the construction of finite difference schemes for the two-term ordinary fractional differential equation and the time fractional Black–Scholes equation for option pricing. The properties of the approximation are used to prove the convergence and order of the finite difference schemes and to obtain bounds for the error of the numerical methods. The theoretical results for the order and error of the methods are illustrated by the results of the numerical experiments. [ABSTRACT FROM AUTHOR]

In order to investigate the honeybee population dynamics, many differential equation models were proposed. Fractional derivatives incorporate the history of the honeybee population dynamics. We numerically study the inverse problem of parameter identification in models with Caputo and Caputo–Fabrizio differential operators. We use a gradient method of minimizing a quadratic cost functional. We analyze and compare results for the integer (classic) and fractional models. The present work also contains discussion on the efficiency of the numerical methods used. Computational tests with realistic data were performed and are discussed. [ABSTRACT FROM AUTHOR]