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Zbl 1187.91077
Ding, Zhanwen; Hang, Qinglan; Tian, Lixin
Analysis of the dynamics of Cournot team-game with heterogeneous players. (English)
[J] Appl. Math. Comput. 215, No. 3, 1098-1105 (2009). ISSN 0096-3003

Summary: We study a dynamical system of a two-team Cournot game played by a team consisting of two firms with bounded rationality and a team consisting of one firm with naive expectation. The equilibrium solutions and the conditions of their locally asymptotic stability are studied. It is demonstrated that, as some parameters in the model are varied, the stability of the equilibrium will get lost and many such complex behaviors as the period bifurcation, chaotic phenomenon, periodic windows, strange attractor and unpredictable trajectories will occur. The great influence of the model parameters on the speed of convergence to the equilibrium is also shown with numerical analysis.

MSC 2000:: *91B26 Market models
37N40 Dynamical systems in optimization and economics
91A12 Cooperative games
91A10 Noncooperative games

Keywords: Cournot game; team-game; heterogeneous players; dynamics; complexity

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Zentralblatt MATH Berlin [Germany]