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Abstract and Applied Analysis
Volume 2013 (2013), Article ID 962738, 12 pages
http://dx.doi.org/10.1155/2013/962738
Research Article

Dynamics Analysis of a Class of Delayed Economic Model

1College of Mathematics and Computing Science, Changsha University of Science and Technology, Changsha, Hunan 410114, China
2School of Business, Central South University, Changsha, Hunan 410083, China

Received 14 January 2013; Accepted 20 February 2013

Academic Editor: Zhichun Yang

Copyright © 2013 Chuangxia Huang et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

This investigation aims at developing a methodology to establish stability and bifurcation dynamics generated by a class of delayed economic model, whose state variable is described by the scalar delay differential equation of the form . At appropriate parameter values, linear stability and Hopf bifurcation including its direction and stability of the economic model are obtained. The main tools to obtain our results are the normal form method and the center manifold theory introduced by Hassard. Simulations show that the theoretically predicted values are in excellent agreement with the numerically observed behavior. Our results extend and complement some earlier publications.