HOPF BIFURCATION IN A MODEL WITH ENDOGENOUS CARRYING CAPACITY
An economic model with time delay is investigated. By analyzing the associated characteristic equation of the linearized system of the model, it is found that Hopf bifurcation occurs when time delay passes through a critical value. The stability of bifurcating periodic solutions and the direction of Hopf bifurcation are determined by applying the normal form theory and the center manifold theorem.
time delay, Hopf bifurcation
