New analyses of duopoly game with output lower limiters
type: Item
instance of: scholarly article
title: New analyses of duopoly game with output lower limiters
zbMATH Open document ID: 1273.91107
DOI: 10.1155/2013/406743
author: Qiang Mei
author: Tingwen Huang
author: Zhaohan Sheng
author: Jianguo Du
published in: Abstract and Applied Analysis
publication date: 2013-05-08T00:00:00Z
review text: Summary: In the real business world, player sometimes would offer a limiter to their output due to capacity constraints, financial constraints, or cautious response to uncertainty in the world. In this paper, we modify a duopoly game with bounded rationality by imposing lower limiters on output. Within our model, we analyze how lower limiters have an effect on dynamics of output and give proof in theory why adding lower limiters can suppress chaos. We also explore the numbers of the equilibrium points and the distribution of conditioned equilibrium points. Stable region of the conditioned equilibrium is discussed. Numerical experiments show that the output evolution system having lower limiters becomes more robust than without them, and chaos disappears if the lower limiters are big enough. The local or global stability of the conditional equilibrium points provides a theoretical basis for the limiter control method of chaos in economic systems.
Mathematics Subject Classification ID: 91B02
Mathematics Subject Classification ID: 91A05
Mathematics Subject Classification ID: 91B52
zbMATH DE Number: 6161330
zbMATH Keywords: duopoly game
zbMATH Keywords: bounded rationality
zbMATH Keywords: lower limiters on output
zbMATH Keywords: equilibrium points
zbMATH Keywords: numerical experiments
zbMATH Keywords: limiter control method of chaos
Wikidata QID: Q58916198
MaRDI profile type: Publication
full work available at URL: https://doi.org/10.1155/2013/406743
OpenAlex ID: W1971191810
cites work: Complex dynamics and synchronization of a duopoly game with bounded rationality
cites work: The dynamics of Bowley's model with bounded rationality
cites work: Chaotic dynamics in nonlinear duopoly game with heterogeneous players.
cites work: Nonlinear dynamics in the Cournot duopoly game with heterogeneous players
cites work: Dynamics of a Cournot game with \(n\)-competitors
cites work: On modifications of Puu's dynamical duopoly
cites work: Study on self-adaptive proportional control method for a class of output models
cites work: Analysis of a duopoly game with delayed bounded rationality.
cites work: Exotic phenomena in games and duopoly models
cites work: Chaos in business cycles
cites work: Simple and complex adjustment dynamics in Cournot duopoly models.
cites work: Heterogeneous beliefs and routes to chaos in a simple asset pricing model
cites work: The importance of the number of different agents in a heterogeneous asset-pricing model
cites work: Analysis of the dynamics of Cournot team-game with heterogeneous players
cites work: Nonlinear dynamics in a heterogeneous duopoly game with adjusting players and diseconomies of scale
cites work: Complex dynamics of duopoly game with heterogeneous players: a further analysis of the output model
cites work: Stability, chaos and multiple attractors: a single agent makes a difference
cites work: Commodity markets, price limiters and speculative price dynamics
cites work: A new method to control chaos in an economic system
description: scientific article; zbMATH DE number 6161330