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We analyze a second-order, nonlinear delay-differential equation with negative feedback. The characteristic equation for the linear stability of the equilibrium is completely solved, as a function of two parameters describing the strength of the feedback and the damping in the autonomous system. The bifurcations occurring as the linear stability is lost are investigated by the construction of a center manifold: The nature of Hopf bifurcations and more degenerate, higher-codimension bifurcations are explicitly determined.

The stability of the null solution in a system of coupled cells is investigated. Each cell evolves according to Hopfield's equation for an analog circuit, with a delay incorporated to account for finite switching speed of amplifiers. A necessary and sufficient condition on the connection matrix is obtained for delay-induced oscillations to be possible in a general (not necessarily symmetric) network.

A model for the dynamics of price adjustment in a single commodity market is developed. Nonlinearities in both supply and demand functions are considered explicitly, as are delays due to production lags and storage policies, to yield a nonlinear integrodifferential equation. Conditions for the local stability of the equilibrium price are derived in terms of the elasticities of supply and demand, the supply and demand relaxation times, and the equilibrium production-storage delay. The destabilizing effect of consumer memory on the equilibrium price is analyzed, and the ensuing Hopf bifurcations are described.