Using a scalar reaction-diffusion equation with drift and a cubic nonlinearity as a simple model problem, we investigate the effect of domain size on stability and bifurcations of steady states. We focus on two parameter regimes, namely the regions where the steady state is convectively or absolutely unstable. In the convective-instability regime, the trivial stationary solution is asymptotical...

This paper reviews the rational addiction (RA) model of Becker and Murphy (1988) (BM) to demonstrate how its conclusions are based on assumptions about model parameters. The BM analysis emphasises the existence of an unstable steady state but the presumption of instability imposes strong restrictions on model parameters and is unlikely. Moreover, with two steady states (one stable, one unstable...

This note projects forward into the distant future number of countries existing under regimes different levels economic liberalism by deriving a transition probability matrix from Economic Freedom World data. Naively extrapolating trends 1970-2020 suggests modest majority 165 will be economically free in long-run steady state, with results driven improvements variables associated freedom to tra...

Since John Taylor’s (1993) seminal paper, a large literature has argued that active interest rate feedback rules, that is, rules that respond to increases in inflation with a more than one-for-one increase in the nominal interest rate, are stabilizing. In this paper, we argue that once the zero bound on nominal interest rates is taken into account, active interest-rate feedback rules can easily...

The conceptual difference between equilibrium and non-equilibrium steady state (NESS) is well established in physics and chemistry. This distinction, however, is not widely appreciated in dynamical descriptions of biological populations in terms of differential equations in which fixed point, steady state, and equilibrium are all synonymous. We study NESS in a stochastic SIS (susceptible-infect...

In this paper, a hepatitis B virus (HBV) model with spatial diffusion and saturation response of the infection rate is investigated, in which the intracellular incubation period is modelled by a discrete time delay. By analyzing the corresponding characteristic equations, the local stability of an infected steady state and an uninfected steady state is discussed. By comparison arguments, it is ...