Local stability analysis is a method used to determine the stability of equilibrium points in dynamical systems by examining the behavior of trajectories near those points. It focuses on how small perturbations affect the system, providing insight into whether nearby trajectories converge to or diverge from the equilibrium. This type of analysis is crucial when studying various bifurcations, including transcritical and pitchfork bifurcations, where changes in system parameters lead to qualitative changes in stability.
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