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Stability Regions For A Delay Cobweb Model

Author

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  • Akio Matsumoto
  • Keiko Nakayama

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.

Suggested Citation

  • Akio Matsumoto & Keiko Nakayama, 2016. "Stability Regions For A Delay Cobweb Model," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 10(1), pages 132-139.
    • Handle: RePEc:isp:journl:v:10:y:2016:i:1:p:132-139
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    More about this item

    Keywords

    information lag; cobweb dynamics; delay differential equation; stability switching curve; hopf bifurcation;
    All these keywords.

    JEL classification:

    • A - General Economics and Teaching

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