We analyze 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 system dynamics displays excitability by calculating the relevant residence time distributions and power spectra. Experimentally we then observe this behavior in the polarization dynamics of a vertical cavity surface emitting laser with optoelectronic feedback. Extending these observations to two-dimensional systems with diffusive coupling, we finally show numerically that delay-induced excitability can lead to the appearance of propagating wave fronts and spirals.
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