Hopf Bifurcation and Chaos of a Delayed Finance System

  title={Hopf Bifurcation and Chaos of a Delayed Finance System},
  author={Xuebing Zhang and H. Zhu},
In this paper, a finance system with delay is considered. By analyzing the corresponding characteristic equations, the local stability of equilibrium is established. The existence of Hopf bifurcations at the equilibrium is also discussed. Furthermore, formulas for determining the direction of Hopf bifurcation and the stability of the bifurcating periodic solutions are derived by applying the normal form method and center manifold theorem. Finally, numerical simulation results are presented to… Expand
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