This article studies the dynamics in a simple dual model where agents may shift from the traditional sector to the manufacturing one. We show that a delay between the exit from the traditional sector and the possibility to be employed in the manufacturing one is a source of endogenous fluctuations. In particular, by choosing time delay as the bifurcation parameter, it is proved that the system may lose stability and a supercritical Hopf bifurcation occurs when time delay passes through a critical value.
Persistent fluctuations in a dual model with frictions: The role of delays / Luca, Guerrini; Sodini, Mauro. - In: APPLIED MATHEMATICS AND COMPUTATION. - ISSN 0096-3003. - 241:(2014), pp. 371-379. [10.1016/j.amc.2014.05.028]
Persistent fluctuations in a dual model with frictions: The role of delays
SODINI, MAURO
2014
Abstract
This article studies the dynamics in a simple dual model where agents may shift from the traditional sector to the manufacturing one. We show that a delay between the exit from the traditional sector and the possibility to be employed in the manufacturing one is a source of endogenous fluctuations. In particular, by choosing time delay as the bifurcation parameter, it is proved that the system may lose stability and a supercritical Hopf bifurcation occurs when time delay passes through a critical value.File | Dimensione | Formato | |
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