Abstract
Recently Dalgaard and Strulik have proposed (in Resour. Energy Econ. 33:782---797, 2011) an energy model of capital accumulation based on the mathematical framework developed by Solow-Swan and coupled with Cobb-Douglas production function (Solow in Q. J. Economics 70:65---94, 1956; Swan in Econ. Rec. 32(63):334---361, 1956). The model is based on a constant rate of population growth assumption. The present paper, according to the analysis performed by Yukalov et al. (Physica D 238:1752---1767, 2009), improves the Dalgaard-Strulik model by introducing a logistic-type equation with delayed carrying capacity which alters the asymptotic stability of the relative steady state. Specifically, by choosing the time delay as a bifurcation parameter, it turns out that the steady state loses stability and a Hopf bifurcation occurs when time delay passes through critical values. The results are of great interest in the applied and theoretical economics.
Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
