Hopf bifurcation in an overlapping generations resource economy with endogenous population growth rate
Date
2016
Authors
Fazlıoǧlu B.
Saǧlam, H.Ç.
Yüksel, M. K.
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Source Title
Studies in Nonlinear Dynamics and Econometrics
Print ISSN
1081-1826
Electronic ISSN
1558-3708
Publisher
Walter de Gruyter
Volume
20
Issue
5
Pages
607 - 621
Language
English
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Abstract
As scarce environmental resources necessarily put a constraint on population growth, we use more realistic population growth dynamics which contemplates a feedback mechanism between population growth rate and resource availability. We examine the local stability properties in overlapping generations resource economies which takes this feedback mechanism into account. The results indicate that Hopf bifurcation may arise without requiring logistic regeneration or unconventional constraints on parameter values. In particular, Hopf bifurcation is encountered under convex-concave dependence of carrying capacity on the resource availability. © 2016 Walter de Gruyter GmbH, Berlin/Boston.