Multiple Delays in Nonlinear Optimal Economic Dynamics Models
| Project/Area Number |
24530202
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | Chuo University |
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Principal Investigator |
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| Research Collaborator |
Ferenc Szidarovszky
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| Project Period (FY) |
2012-04-01 – 2016-03-31
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| Project Status |
Completed (Fiscal Year 2015)
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| Budget Amount *help |
¥5,070,000 (Direct Cost: ¥3,900,000、Indirect Cost: ¥1,170,000)
Fiscal Year 2014: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2013: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2012: ¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
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| Keywords | 固定時間遅延 / 非線形性 / 不安定性 / 経済動学 / Hopf分岐 / 限定合理性 / 連続分布時間遅延 / 適応的学習過程 / Nonlinearity / Implementation delay / Information delay / Heterogeneity / Gradient Method / Bounded Rationality / 動学的独占 / 固定遅延 / 連続分布遅延 / 連続時間モデル / 離散時間モデル / 時間遅延 |
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| Outline of Final Research Achievements |
Although the instability effect caused by the delay has been known, its explicit considerations in economic models are not fully done due to the mathematical difficulties in dealing with the delays. This project introduces single and multiple delays into the well-known economic models (imperfect competition models, neoclassical economic growth model and IS-LM models) and examines the delay effects analytically as well as numerically. We have three main results: (1) it is confirmed that even single delay can destabilize otherwise stable economic models; (2) multiple delays has the double edge effect implying that stability and instability are sequently repeated as a length of one delay become larger and the other is kept fixed; (3) the steady state is destabilized and then bifurcates to various dynamics ranging from simple cyclic dynamics to complex dynamics involving chaotic behavior.
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Report
(5 results)
Research Products
(30 results)
