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Economy & Business, Volume 10, 2016

Akio Matsumoto, Keiko Nakayama
Pages: 132-139
Published: 28 Aug 2016
Views: 1,270
Downloads: 379
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.
Keywords: information lag, cobweb dynamics, delay differential equation, stability switching curve, hopf bifurcation
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