Advanced Search
MyIDEAS: Login to save this article or follow this journal

Asymptotic Behavior of a Delay Differential Neoclassical Growth Model

Contents:

Author Info

  • Akio Matsumoto

    ()
    (Department of Economics, Chuo University, 742-1, Higashi-Nakano, Hachioji, Tokyo, 192-0393, Japan)

  • Ferenc Szidarovszky

    ()
    (Department of Applied Mathematics, University of Pecs, Ifjusag u. 6, H-7624, Pecs, Hungary)

Registered author(s):

    Abstract

    A neoclassical growth model is examined with a special mound-shaped production function. Continuous time scales are assumed and a complete steady state and stability analysis is presented. Fixed delay is then assumed and it is shown how the asymptotic stability of the steady state is lost if the delay reaches a certain threshold, where Hopf bifurcation occurs. In the case of continuously distriubuted delays, we show that with small average delays stability is preserved, then lost at a threshold, then it is regained if the average delay becomes sufficiently large. The occurence of Hopf bifurcation is shown at both critical values.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.mdpi.com/2071-1050/5/2/440/pdf
    Download Restriction: no

    File URL: http://www.mdpi.com/2071-1050/5/2/440/
    Download Restriction: no

    Bibliographic Info

    Article provided by MDPI, Open Access Journal in its journal Sustainability.

    Volume (Year): 5 (2013)
    Issue (Month): 2 (January)
    Pages: 440-455

    as in new window
    Handle: RePEc:gam:jsusta:v:5:y:2013:i:2:p:440-455:d:23266

    Contact details of provider:
    Web page: http://www.mdpi.com/

    Related research

    Keywords: neoclassical growth model ; fixed time delay; Hopf bifurcation;

    Find related papers by JEL classification:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Day, Richard H, 1982. "Irregular Growth Cycles," American Economic Review, American Economic Association, American Economic Association, vol. 72(3), pages 406-14, June.
    2. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    3. Matsumoto, Akio & Szidarovszky, Ferenc, 2011. "Delay differential neoclassical growth model," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 78(3), pages 272-289, May.
    4. Richard H. Day, 1994. "Complex Economic Dynamics - Vol. 1: An Introduction to Dynamical Systems and Market Mechanisms," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262041413, December.
    5. Day, Richard H, 1983. "The Emergence of Chaos from Classical Economic Growth," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 98(2), pages 201-13, May.
    6. Luciano Fanti & Piero Manfredi, 2003. "The Solow¡¯S Model With Endogenous Population: A Neoclassical Growth Cycle Model," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, Chung-Ang Unviersity, Department of Economics, vol. 28(2), pages 103-115, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:5:y:2013:i:2:p:440-455:d:23266. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (XML Conversion Team).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.