Building on a contribution by Dalgaard and Strulik [C.L. Dalgaard and H. Strulik, Resource and Energy Economics 33, 782 (2011)], this paper deals with the mathematical modelling for an economy viewed as a transport network for energy in which the law of motion of capital occurs with a time delay. By choosing time delay as a bifurcation parameter, it is proved that the system loses stability and a Hopf bifurcation occurs when time delay passes through critical values. An important scenario arising from the analysis is the existence of limit cycles generated by supercritical Hopf bifurcations. The results are of great interest for the analysis of the asymptotic economic growth.
Bianca, Carlo; Ferrara, Massimiliano; and Guerrini, Luca
"Hopf Bifurcations in a Delayed-Energy-Based Model of Capital Accumulation,"
Applied Mathematics & Information Sciences: Vol. 07
, Article 16.
Available at: https://dc.naturalspublishing.com/amis/vol07/iss1/16