We analyse the stochastic dynamics of a bistable system under the influence of time-delayed feedback. Assuming an asymmetric potential, we show the existence of a regime in which the systems dynamic displays excitability by calculating the relevant residence time distributions and correlation times. Experimentally we then observe this behaviour in the polarization dynamics of a vertical cavity surface emitting laser with opto-electronic feedback. Extending these observations to two-dimensional systems with dispersive coupling we finally show numerically that delay induced excitability can lead to the appearance of propagating wave-fronts and spirals.
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