On the Bifurcation Analysis of the Ramsey-Cass-Koopmans Growth Models

Select Volume / Issue:

• Volume 2,Issue 1, Jan. 2014

Year:

2014

Type of Publication:

Article

Keywords:

Bifurcation, Hopf Point, Neutral Saddle, Ramsey- Cass-Koopmans Models, Stability Analysis

Authors:

Gabriel Asare Okyere; Francis Tarbi Oduro; Gabriel Obed Fosu

Journal:

IJSIM

Volume:

2

Number:

1

Pages:

130-134

Month:

January

Abstract:

This paper focuses on the qualitative dynamics of the Ramsey-Cass-Koopmans (RCK) growth model with exponential growth of labour (population) and RCK with logistic growth rate of labour. We find parameter values at which qualitative changes occur. A continuation method was employed in analyzing the qualitative behavior of the various models at the equilibrium state under the variation of a single parameter. We detected a co-dimension one hopf point (H) denoting a sub-critical hopf bifurcation, neutral saddle hopf point (H) and a branch point (BP) in these models. The bifurcation points for discount rate parameter and the coefficient of relative risk aversion parameter were not economically substantive.

Full text: IJISM_81_Final.pdf [Bibtex]