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Dynamical Models for Prices with Distributed Delays

Timisoara Journal of Economics and Business

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Field Value
 
Title Dynamical Models for Prices with Distributed Delays
 
Creator MIRCEA, Gabriela
NEAMTU, Mihaela
CISMAS, Laura Mariana
 
Subject delayed economic models; local stability; price dynamics; Hopf bifurcation
C61, C62, D24, D50
 
Description In the present paper we study some models for the price dynamics of a single commodity market. The quantities of supplied and demanded are regarded as a function of time. Nonlinearities in both supply and demand functions are considered. The inventory and the level of inventory are taken into consideration. Due to the fact that the consumer behavior affects commodity demand, and the behavior is influenced not only by the instantaneous price, but also by the weighted past prices, the distributed time delay is introduced. The following kernels are taken into consideration: demand price weak kernel and demand price Dirac kernel. Only one positive equilibrium point is found and its stability analysis is presented. When the demand price kernel is weak, under some conditions of the parameters, the equilibrium point is locally asymptotically stable. When the demand price kernel is Dirac, the existence of the local oscillations is investigated. A change in local stability of the equilibrium point, from stable to unstable, implies a Hopf bifurcation. A family of periodic orbits bifurcates from the positive equilibrium point when the time delay passes through a critical value. The last part contains some numerical simulations to illustrate the effectiveness of our results and conclusions.
 
Publisher De Gruyter Open
 
Date 2015-06-30
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
 
Format application/pdf
 
Identifier http://tjeb.ro/index.php/tjeb/article/view/TJEB8-1_091to102
 
Source Timisoara Journal of Economics; Vol 8, No 1 (2015); 91-102
Timisoara Journal of Economics and Business; Vol 8, No 1 (2015); 91-102
 
Language eng
 
Relation http://tjeb.ro/index.php/tjeb/article/view/TJEB8-1_091to102/pdf
 
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