In this paper, an economic group delay model is established. Dynamical behavior and Basic influence number of the proposed system are studied. Asymptotic stability analysis is carried out for the steady-states. The critical value of the delay $\tau$ is determined. It is observed that for the interior steady-state remains stable if the adoption delay for the low-income group is less than the threshold value, i.e., $\tau<\tau_{0}^+$. If $\tau$ crosses its threshold, system perceives oscillating behavior, and Hopf bifurcation occurs. Moreover, sensitivity analysis is performed for the system parameter used in the interior steady-state. Finally, numerical simulations are conducted to support our analytical findings.
Tuli, R., Dhar, J., & Bhatti, H. (2019). An economic group model for innovation diffusion of new product with delay of adoption for low income group. Journal of Mathematical Modeling, 7(1), 117-132. doi: 10.22124/jmm.2018.10330.1155
MLA
Rishi Tuli; Joydip Dhar; Harbax Bhatti. "An economic group model for innovation diffusion of new product with delay of adoption for low income group". Journal of Mathematical Modeling, 7, 1, 2019, 117-132. doi: 10.22124/jmm.2018.10330.1155
HARVARD
Tuli, R., Dhar, J., Bhatti, H. (2019). 'An economic group model for innovation diffusion of new product with delay of adoption for low income group', Journal of Mathematical Modeling, 7(1), pp. 117-132. doi: 10.22124/jmm.2018.10330.1155
VANCOUVER
Tuli, R., Dhar, J., Bhatti, H. An economic group model for innovation diffusion of new product with delay of adoption for low income group. Journal of Mathematical Modeling, 2019; 7(1): 117-132. doi: 10.22124/jmm.2018.10330.1155
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