Direction and Stability of Hopf Bifurcation in a Delayed Solow Model with Labor Demand

Figure 1

For , an unstable periodic solution bifurcates from the positive equilibrium: (a and b) for , existence of bifurcating periodic solution and (c and d), for , absence of bifurcating periodic solution (see Theorem 3).

(a) Number of employed workers for

(b) Capital stock evolution for = 1.5718

(c) Number of employed workers for = 1.572

(d) Capital stock evolution for = 1.572