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Zbl 1080.91541
Kopel, Michael
Simple and complex adjustment dynamics in Cournot duopoly models. (English)
[J] Chaos Solitons Fractals 7, No. 12, 2031-2048 (1996). ISSN 0960-0779

Summary: We are investigating microeconomic foundations of Cournot duopoly games such that the reaction functions are unimodal. We demonstrate that cost functions incorporating an interfirm externality lead to a system of coupled logistic equations. In the situation where agents take turns, we observe periodic and complex behavior. A closer analysis reveals some well-known local bifurcations. In a more general situation, where agents move simultaneously, we observe global bifurcations which typically occur in two-parameter families of two-dimensional endomorphisms.

MSC 2000:: *91B62 Dynamic economic models etc.
91A40 Game-theoretic models

Cited in: Zbl 1151.91458 Zbl 1111.39010

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