New analyses of duopoly game with output lower limiters

DOI10.1155/2013/406743MaRDI QIDQ1949455zbMATH OpenOpenAlexWikidataFDO

Authors Qiang Mei, Tingwen Huang, Zhaohan Sheng, Jianguo Du

Publication date 8 May 2013

Published in Abstract and Applied Analysis (Search for Journal in Brave)

Copyright license Creative Commons Attribution 3.0 Unported

Full work available at URL https://doi.org/10.1155/2013/406743

zbMATH Keywords

bounded rationalityduopoly gameequilibrium pointslimiter control method of chaoslower limiters on outputnumerical experiments

Mathematics Subject Classification ID

2-person games (91A05) Fundamental topics (basic mathematics, methodology; applicable to economics in general) (91B02) Special types of economic equilibria (91B52)

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.

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Cited in

(3)

• Effects of size, composition, and evolutionary pressure in heterogeneous Cournot oligopolies with best response decisional mechanisms
• Introducing a price variation limiter mechanism into a behavioral financial market model
• On planar zero-diagonal and zero-trace iterated maps

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