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In this work, we study the dynamics of Solow’s economic growth model assuming that the labor force growth rate function, n(t), is a solution of a delay differential equation. This approach is motivated by the fact that there are delays in entering and retiring an individual from the labor...
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partly to increase the capital stock. The stability and existence of Hopf bifurcation are investigated. It is that stability … switches and Hopf bifurcation occurs when the delay t passes through a sequence of critical values, tau0. It has been that the … fluctuate. Formulas about the stability of bifurcating periodic solution and the direction of Hopf bifurcation are exhibited by …
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Economic and demographic models governed by linear delay differential equations are expressed as optimal control problems in infinite dimensions. A general objective function is considered and the concavity of the Hamiltonian is not required. The value function is a viscosity solution of the...
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