Luca Gori

Hopf Bifurcation in a Cobweb Model with Discrete Time Delays

We develop a cobweb model with discrete time delays that characterise the length of production cycle. We assume a market comprised of homogeneous producers that operate as adapters by taking the (expected) profit-maximising quantity as a target to adjust production and consumers with a marginal willingness to pay captured by an isoelastic demand. The dynamics of the economy is characterised by a one-dimensional delay differential equation. In this context, we show that (1) if the elasticity of market demand is sufficiently high, the steady-state equilibrium is locally asymptotically stable and (2) if the elasticity of market demand is sufficiently low, quasiperiodic oscillations emerge when the time lag (that represents the length of production cycle) is high enough.

Heterogeneous Fundamentalists in a Continuous Time Model with Delays

We develop a continuous time model with heterogeneous fundamentalists, nimitators, and discrete time delays. We show that nonlinear dynamic phenomena, such as ncoexistence of attractors and local and global bifurcations, occur due to the existence of a time ngap in the process of adjustment of market prices.