STABILITY REGIONS FOR A DELAY COBWEB MODEL

Akio Matsumoto and Keiko Nakayama

Economy & Business Journal, 2016, vol. 10, issue 1, 132-139

Abstract: This paper aims to study how an information lag on price affects economics dynamics. To this end, it constructs a delay cobweb model to conduct stability analysis with respect to the length of time delay. It is demonstrated that there is a threshold value of time delay and a steady state is asymptotically stable, loses stability and bifurcates to a limit cycle via Hopf bifurcation when a time delay is less than, equal to and larger than the threshold value.

Keywords: information lag; cobweb dynamics; delay differential equation; stability switching curve; hopf bifurcation (search for similar items in EconPapers)
JEL-codes: A (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:isp:journl:v:10:y:2016:i:1:p:132-139

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