The Asymptotic Behavior in a Nonlinear Cobweb Model with Time Delays

Akio Matsumoto and Ferenc Szidarovszky

Discrete Dynamics in Nature and Society, 2015, vol. 2015, 1-14

Abstract:

We study the effects of production delays on the local as well as global dynamics of nonlinear cobweb models in a continuous-time framework. After reviewing a single delay model, we proceed to two models with two delays. When the two delays are used to form an expected price or feedback for price adjustment, we have a winding stability switching curve and in consequence obtain repetition of stability losses and gains via Hopf bifurcation. When the two delays are involved in two interrelated markets, we find that the stability switching occurs on straight lines and complicated dynamics can arise in unstable markets.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnddns:312574

DOI: 10.1155/2015/312574

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