STABILITY ANALYSIS OF SOME DYNAMICAL MODELS FOR PRICES WITH DISTRIBUTED DELAYS

Nicoleta Sirghi, Gabriela Mircea (), Mihaela Neamţu (), Laura Mariana Cismaş () and Camelia Haţegan ()
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Gabriela Mircea: Department of Business Information System, West University of Timişoara
Mihaela Neamţu: Department of Economics and Modelling, West University of Timişoara
Laura Mariana Cismaş: Department of Economics and Modelling, West University of Timişoara
Camelia Haţegan: Department of Accounting, West University of Timişoara
Authors registered in the RePEc Author Service: Laura-Mariana Cismaș

ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, 2016, vol. 50, issue 3, 135-152

Abstract: In the present paper, we study two nonlinear systems which describe the price dynamics of a single commodity market. The market price is expressed with the demand and supply functions for the commodity. The distributed time delay is introduced in the demand and supply prices. It is assumed that the consumer and producer behavior depends on the weighted function of the past prices. The demand can take into account the recent price and the past demand price. The producer can consider the past supply price. Thus, we obtain two nonlinear mathematical models for the price dynamics. In some conditions, there is only one positive equilibrium point. The stability of the equilibrium point and the existence of periodic solutions are investigated. We find the conditions so that the equilibrium point is locally asymptotically stable. The numerical simulations illustrate the effectiveness of our results and some conclusions and future research are provided.

Keywords: price dynamics; delay economic models; equilibrium point; local stability; distributed time delay (search for similar items in EconPapers)
JEL-codes: C61 C62 D24 D5 (search for similar items in EconPapers)
Date: 2016
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