The Asymptotic Behavior in a Nonlinear Cobweb Model with Time Delays
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 a...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Wiley
2015-01-01
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| Series: | Discrete Dynamics in Nature and Society |
| Online Access: | http://dx.doi.org/10.1155/2015/312574 |
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| Summary: | 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. |
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| ISSN: | 1026-0226 1607-887X |