Dynamic Economic Systems with Two Time Delays
International Journal of Economic Behavior and Organization
Volume 3, Issue 2-1, April 2015, Pages: 77-85
Received: Mar. 25, 2015; Accepted: Mar. 25, 2015; Published: Apr. 17, 2015
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Authors
Akio Matsumoto, Department of Economics, Chuo University, Higashi-Nakano, Hachioji, Tokyo, Japan
Ferenc Szidarovszky, Department of Applied Mathematics, University of Pécs, Ifjúság, u. 6, Pécs, Hungary
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Abstract
An elementary analysis is developed to determine the stability region of certain classes of ordinary differential equations with two delays. Our analysis is based on determining stability switches first where an eigenvalue is pure complex, and then checking the conditions for stability loss or stability gain. In the cases of both stability losses and stability gains Hopf bifurcation occurs giving the possibility of the birth of limit cycles.
Keywords
Multiple Delays, Monopoly Model, Multiplier-Accelerator Model, Double-Edged Effect on Stability
To cite this article
Akio Matsumoto, Ferenc Szidarovszky, Dynamic Economic Systems with Two Time Delays, International Journal of Economic Behavior and Organization. Special Issue: Recent Developments of Economic Theory and Its Applications. Vol. 3, No. 2-1, 2015, pp. 77-85. doi: 10.11648/j.ijebo.s.2015030201.22
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