Abstract and Applied Analysis

Dynamics Analysis of a Class of Delayed Economic Model

Chuangxia Huang, Changlin Peng, Xiaohong Chen, and Fenghua Wen

Full-text: Open access

Abstract

This investigation aims at developing a methodology to establish stability and bifurcation dynamics generated by a class of delayed economic model, whose state variable is described by the scalar delay differential equation of the form d 2 p ( t ) / d t 2 = μ δ ( p ( t ) ) ( d p ( t ) / d t ) μ b p ( t τ 1 )  − μ ( a 0 p ( t τ 2 ) / ( a 1 + p ( t τ 2 ) ) ) + μ ( d 0 g 0 ) . At appropriate parameter values, linear stability and Hopf bifurcation including its direction and stability of the economic model are obtained. The main tools to obtain our results are the normal form method and the center manifold theory introduced by Hassard. Simulations show that the theoretically predicted values are in excellent agreement with the numerically observed behavior. Our results extend and complement some earlier publications.

Article information

Source
Abstr. Appl. Anal., Volume 2013, Special Issue (2013), Article ID 962738, 12 pages.

Dates
First available in Project Euclid: 26 February 2014

Permanent link to this document
https://projecteuclid.org/euclid.aaa/1393449449

Digital Object Identifier
doi:10.1155/2013/962738

Mathematical Reviews number (MathSciNet)
MR3039173

Zentralblatt MATH identifier
1273.91314

Citation

Huang, Chuangxia; Peng, Changlin; Chen, Xiaohong; Wen, Fenghua. Dynamics Analysis of a Class of Delayed Economic Model. Abstr. Appl. Anal. 2013, Special Issue (2013), Article ID 962738, 12 pages. doi:10.1155/2013/962738. https://projecteuclid.org/euclid.aaa/1393449449


Export citation