Hopf bifurcation analysis for the modified Rayleigh price model with time delay (Q2015326)

Summary: This paper mainly modifies and further develops the Rayleigh price model. By modifying the basic Rayleigh model, we can more accurately illustrate the economic phenomena with price varying. First, we research the dynamics of the modified Rayleigh model with time delay. By employing the normal form theory and center manifold theory, we obtain some testable results on these issues. The conclusion confirms that a Hopf bifurcation occurs due to the existence of stability switches when the delay varies. Finally, some numerical simulations are given to illustrate the effectiveness of our results.