A dynamic economic model with discrete time and consumer sentiment

DOI10.1155/2009/509561MaRDI QIDQ965737zbMATH OpenOpenAlexWikidataFDO

Authors A. L. Ciurdariu, Loretti Dobrescu, Mihaela Neamtu, Dumitru Opris

Publication date 26 April 2010

Published in Discrete Dynamics in Nature and Society (Search for Journal in Brave)

Copyright license Creative Commons Attribution 4.0 International

Full work available at URL https://doi.org/10.1155/2009/509561

zbMATH Keywords

economic modelNeimark-Sacker bifurcation

Mathematics Subject Classification ID

Dynamical systems in optimization and economics (37N40) Economic dynamics (91B55)

Review text

Summary: The paper describes a dynamical economic model with discrete time and consumer sentiment in the deterministic and stochastic cases. We seek to demonstrate that consumer sentiment may create fluctuations in the economical activities. The model possesses a flip bifurcation and a Neimark-Sacker bifurcation, after which the stable state is replaced by a (quasi) periodic motion. We associate the difference stochastic equation to the model by randomizing the control parameter \(d\) and by adding one stochastic control. Numerical simulations are made for the deterministic and stochastic models, for different values of the control parameter \(d\).

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Cites work

• A business cycle model with cubic nonlinearity
• Elements of applied bifurcation theory
• Moment attractivity, stability and contractivity exponents of stochastic dynamical systems
• Neimark-Sacker bifurcation for the discrete-delay Kaldor model
• Neimark-Sacker bifurcation for the discrete-delay Kaldor-Kalecki model
• On asymptotic behaviour of solutions of stochastic difference equations with volterra type main term
• On local stability for a nonlinear difference equation with a non-hyperbolic equilibrium and fading stochastic perturbations

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• Parameter identification of a class of economical models
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