Local and Global Dynamics in a Discrete Time Growth Model with Nonconcave Production Function

Figure 9

Bifurcation diagrams w.r.t. Δ𝑠 for the following parameter values: 𝛿=0.2, 𝛼=1, 𝛽=0.9, 𝑛=0.5, 𝑠_𝑤=0.1, and 𝑝=12; (a) the initial condition is 𝑘_𝑀; (b) the initial condition is 𝑘_𝑚.

(a)

(b)