2015 Fiscal Year Final Research Report
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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| 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 |
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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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| Free Research Field |
経済動学
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