A novel third order nonlinear evolution equation governing the dynamics of the recently observed high frequency electrostatic drift waves has been derived in the framework of a plasma fluid model in an inhomogeneous magnetized plasma. The corresponding linear dispersion relation arising out of the fluid equations has been studied in detail for the conventional low frequency as well as the recently observed high frequency electrostatic drift waves along with the electrostatic ion cyclotron waves. The derived nonlinear evolution equation of third order is then decomposed into two second order equations as the order of the equation becomes reduced after this kind of decomposition under certain conditions, and one equation becomes linear whereas the other equation becomes nonlinear. The detailed analysis of fixed points leading to bifurcations has been performed using the qualitative theory of differential equations and the bifurcation theory of planar dynamical systems for the reduced second order nonlinear equation. The bifurcation curves for the individual fixed points are also shown for the variations of different parameters in the parameter space of this reduced nonlinear equation. Then some exact as well as approximate travelling wave solutions of this reduced nonlinear equation have been derived. As the other second order reduced equation is linear in nature, its exact oscillatory and exponential solutions are obtained. The intersection of the solutions of these two reduced second order equations provides the solutions of the original third order nonlinear evolution equation; it is verified that the solutions of the reduced nonlinear second order equation are subsets of the oscillatory solution of the reduced linear second order equation in most cases whereas the intersection is different if the exponential solution of the reduced linear second order equation is considered. This further implies that the solutions of the reduced second order nonlinear equation can directly represent the solutions of the original third order nonlinear evolution equation in most cases representing the dynamics of the nonlinear high frequency electrostatic drift waves. These solutions of the novel third order nonlinear evolution equation represent certain vortex-like structures as our work is restricted to (1 + 1) dimensions only. The possible applications of our novel results on the dynamics of the high frequency electrostatic drift waves are discussed along with future directions for research in this field.
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