Complexity of a duopoly game in the electricity market with delayed bounded rationality

DOI10.1155/2012/698270MaRDI QIDQ1936032zbMATH OpenOpenAlexWikidataFDO

Authors Junhai Ma, Hongliang Tu

Publication date 21 February 2013

Published in Discrete Dynamics in Nature and Society (Search for Journal in Brave)

Copyright license Creative Commons Attribution 4.0 International

Full work available at URL https://doi.org/10.1155/2012/698270

Mathematics Subject Classification ID

Dynamical systems in optimization and economics (37N40) Other game-theoretic models (91A40) Applications of game theory (91A80) Auctions, bargaining, bidding and selling, and other market models (91B26)

Review text

Summary: According to a triopoly game model in the electricity market with bounded rational players, a new Cournot duopoly game model with delayed bounded rationality is established. The model is closer to the reality of the electricity market and worth spreading in oligopoly. By using the theory of bifurcations of dynamical systems, local stable region of Nash equilibrium point is obtained. Its complex dynamics is demonstrated by means of the largest Lyapunov exponent, bifurcation diagrams, phase portraits, and fractal dimensions. Since the output adjustment speed parameters are varied, the stability of Nash equilibrium gives rise to complex dynamics such as cycles of higher order and chaos. Furthermore, by using the straight-line stabilization method, the chaos can be eliminated. This paper has an important theoretical and practical significance to the electricity market under the background of developing new energy.

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Cited in

(16)

• Research on third-party collecting game model with competition in closed-loop supply chain based on complex systems theory
• The complexity uncertain analysis about three differences old and new product pricing oligarch retailers closed-loop supply chain
• Complex dynamics and chaos control on a kind of Bertrand duopoly game model considering R\&D activities
• Dynamical analysis of a delayed monopoly game with a log-concave demand function
• Research on a dynamic master-slave Cournot triopoly game model with bounded rational rule and its control
• Application of duopoly multi-periodical game with bounded rationality in power supply market based on information asymmetry
• The entry and exit game in the electricity markets: a mean-field game approach
• The chaos dynamic of multiproduct Cournot duopoly game with managerial delegation
• Chaotic characteristics and application of cooperative game and evolutionary game
• Complex dynamics of Cournot game with bounded rationality in an oligopolistic electricity market
• scientific article; zbMATH DE number 6672572 (Why is no real title available?)
• The analysis with game theory model on quantity of electricity produced by the two-oligopoly generation companies
• On planar zero-diagonal and zero-trace iterated maps
• Study of game model based on different decision rules in electric power triopoly market
• Complexity of repeated game model in electric power triopoly
• Chaos and control of game model based on heterogeneous expectations in electric power triopoly

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