Exploration of complex dynamics for Cournot oligopoly game with differentiated products
type: Item
instance of: scholarly article
title: Exploration of complex dynamics for Cournot oligopoly game with differentiated products
zbMATH Open document ID: 1398.91398
DOI: 10.1155/2018/6526794
author: S. S. Askar
author: M. A. Alrodaini
author: Mona F. El-Wakeel
published in: Complexity
publication date: 2018-09-26T00:00:00Z
review text: Summary: This paper proposes a Cournot game organized by three competing firms adopting bounded rationality. According to the marginal profit in the past time step, each firm tries to update its production using local knowledge. In this game, a firm's preference is represented by a utility function that is derived from a constant elasticity of substitution (CES) production function. The game is modeled by a 3-dimensional discrete dynamical system. The equilibria of the system are numerically studied to detect their complex characteristics due to difficulty to get an explicit form for those equilibria. For the proposed utility function, some cases with different value parameters are considered. Numerical simulations are used to provide an experimental evidence for the complex behavior of the evolution of the system. The obtained results show that the system loses its stability due to different types of bifurcations.
Mathematics Subject Classification ID: 91B54
Mathematics Subject Classification ID: 91A25
zbMATH DE Number: 6944095
zbMATH Keywords: Cournot oligopoly game
zbMATH Keywords: complex dynamics
zbMATH Keywords: utility function
zbMATH Keywords: 3-dimensional discrete dynamical system
zbMATH Keywords: complex behavior
MaRDI profile type: Publication
full work available at URL: https://doi.org/10.1155/2018/6526794
OpenAlex ID: W2785365483
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description: scientific article; zbMATH DE number 6944095