Heterogeneous Fundamentalists in a Continuous Time Model with Delays

Figure 5

Bifurcation diagram for showing local maxima and minima of for a given value of . Given the initial condition, for the dynamics converges to the equilibrium . For , the equilibrium undergoes a Hopf bifurcation and the dynamics are characterised by oscillations with a maximum and a minimum for , with . Just after it is possible to observe the birth of another local extremum. For , a global bifurcation occurs and the dynamics lies in a larger portion of the phase plane. We note that for there are several windows in which many maxima and minima coexist, so that fluctuations become more complicated.