Hopf bifurcation in an overlapping generations resource economy with endogenous population growth rate
Burcu Fazlıoğlu (),
Sağlam Hüseyin Çağrı and
Mustafa Kerem Yüksel ()
Studies in Nonlinear Dynamics & Econometrics, 2016, vol. 20, issue 5, 607-621
As scarce environmental resources necessarily put a constraint on population growth, we use more realistic population growth dynamics which contemplates a feedback mechanism between population growth rate and resource availability. We examine the local stability properties in overlapping generations resource economies which takes this feedback mechanism into account. The results indicate that Hopf bifurcation may arise without requiring logistic regeneration or unconventional constraints on parameter values. In particular, Hopf bifurcation is encountered under convex-concave dependence of carrying capacity on the resource availability.
Keywords: endogenous population growth; hopf bifurcation; overlapping generations model; renewable resource (search for similar items in EconPapers)
JEL-codes: D90 Q20 J10 C6 (search for similar items in EconPapers)
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