COMMODITY PRICE FLUCTUATIONS WITH DELAYS AND NONLINEARITIES

Fluctuations in the price and supply of various commodities have been studied for more than thousands of years. Many authors often attribute these fluctuations to random factors, dynamical behavior characteristic of instable economic systems and so on. Models for the dynamics of price adjustement in a single commodity market, where nonlinearities axe explicitly, was considered. An interesting case is so called naive consumer model. Some results about the existence and qualitative properties of solutions for different models axe obtained. The purpose if this paper is to study the following model: (*) x'(t) = x(t)[f(x(t)) - g(x(t))], t is an element of R(+) (**) x(t) = phi(t), t is an element of [-tau,0], where tau > 0, f, g is an element of C(R(+), R(+)) and phi is an element of C ([-tau,0], R(+)*).