Dynamic Properties of the Solow Model with Bounded Technological Progress and Time-to-Build Technology. (19th March 2014)

• Record Type: Journal Article
• Authors: Guerrini, Luca; Sodini, Mauro
• Other Names: Borondo F. Academic Editor.; Favini A. Academic Editor.
• Is Part Of: TheScientificWorldjournal. Volume 2014(2014)
• Publication Date: 2014-03-19
• Subjects: Science -- Periodicals; Technology -- Periodicals; Medicine -- Periodicals; 505
• DOI: 10.1155/2014/908629
• Languages: English
• ISSNs: 2356-6140

Abstract

Abstract : We introduce a time-to-build technology in a Solow model with bounded technological progress. Our analysis shows that the system may be asymptotically stable, or it can produce stability switches and Hopf bifurcations when time delay varies. The direction and the stability criteria of the bifurcating periodic solutions are obtained by the normal form theory and the center manifold theorem. Numerical simulations confirms the theoretical results.