Next Article in Journal
Building Damage and Business Continuity Management in the Event of Natural Hazards: Case Study of the 2004 Tsunami in Sri Lanka
Next Article in Special Issue
Mind Sized World Models
Previous Article in Journal / Special Issue
Growth Is the Problem; Equality Is the Solution
Article

Asymptotic Behavior of a Delay Differential Neoclassical Growth Model

1
Department of Economics, Chuo University, 742-1, Higashi-Nakano, Hachioji, Tokyo, 192-0393, Japan
2
Department of Applied Mathematics, University of Pecs, Ifjusag u. 6, H-7624, Pecs, Hungary
*
Author to whom correspondence should be addressed.
Sustainability 2013, 5(2), 440-455; https://doi.org/10.3390/su5020440
Received: 27 November 2012 / Revised: 17 January 2013 / Accepted: 22 January 2013 / Published: 31 January 2013
(This article belongs to the Special Issue 40th Anniversary of 'The Limits to Growth')
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. View Full-Text
Keywords: neoclassical growth model; fixed time delay; Hopf bifurcation neoclassical growth model; fixed time delay; Hopf bifurcation
Show Figures

Figure 1

MDPI and ACS Style

Matsumoto, A.; Szidarovszky, F. Asymptotic Behavior of a Delay Differential Neoclassical Growth Model . Sustainability 2013, 5, 440-455. https://doi.org/10.3390/su5020440

AMA Style

Matsumoto A, Szidarovszky F. Asymptotic Behavior of a Delay Differential Neoclassical Growth Model . Sustainability. 2013; 5(2):440-455. https://doi.org/10.3390/su5020440

Chicago/Turabian Style

Matsumoto, Akio; Szidarovszky, Ferenc. 2013. "Asymptotic Behavior of a Delay Differential Neoclassical Growth Model " Sustainability 5, no. 2: 440-455. https://doi.org/10.3390/su5020440

Find Other Styles

Article Access Map by Country/Region

1
Only visits after 24 November 2015 are recorded.
Search more from Scilit
 
Search
Back to TopTop