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Updated: Apr 30, 2026

Development of an Individual-Tree Basal Area Increment Model using a Linear Mixed-Effects Approach

Development of an Individual-Tree Basal Area Increment Model using a Linear Mixed-Effects Approach

Published on: July 3, 2020

Dynamic properties of the Solow model with bounded technological progress and time-to-build technology.

Luca Guerrini¹, Mauro Sodini²

¹Department of Management, Polytechnic University of Marche, 60121 Ancona, Italy.

Thescientificworldjournal

|May 1, 2014

Summary

We introduce a time-to-build technology into the Solow model. Varying time delays can cause stability switches and Hopf bifurcations, impacting economic growth dynamics.

Related Experiment Videos

Last Updated: Apr 30, 2026

Development of an Individual-Tree Basal Area Increment Model using a Linear Mixed-Effects Approach

Development of an Individual-Tree Basal Area Increment Model using a Linear Mixed-Effects Approach

Published on: July 3, 2020

Area of Science:

Economics
Mathematical Economics
Economic Growth Theory

Background:

The Solow model is a cornerstone of economic growth theory.
Technological progress is crucial for long-term economic growth.
Incorporating time delays in economic models can reveal complex dynamics.

Purpose of the Study:

To analyze the impact of time-to-build technology on economic growth within the Solow model.
To investigate the role of time delays in technological progress and economic stability.
To identify conditions leading to stability switches and Hopf bifurcations.

Main Methods:

Development of a Solow model augmented with a time-to-build technology.
Mathematical analysis of the model's stability properties under varying time delays.
Application of normal form theory and the center manifold theorem to analyze bifurcations.
Numerical simulations to validate theoretical findings.

Main Results:

The augmented Solow model can exhibit asymptotic stability.
Introduction of time delays can lead to stability switches and Hopf bifurcations.
The direction and stability criteria for bifurcating periodic solutions were determined.
Numerical simulations confirmed the theoretical predictions regarding system dynamics.

Conclusions:

Time-to-build technology and time delays significantly influence the stability of economic growth.
The model provides insights into complex dynamic behaviors like bifurcations in economic systems.
Theoretical and numerical results highlight the importance of considering time lags in economic modeling.