A continuous-time heterogeneous duopoly model with delays

In this paper, the continuous-time version with delays of the model of Tramontana (Econ Model 27(1):350–357, 2010) is presented. The stability of the equilibrium point is discussed by analyzing the distribution of roots of associated characteristic equation. It is found that combining marginal costs with time delays gives rise to different economic scenarios, where stability switches may appear and Hopf bifurcations occur within certain range of parameters