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Heterogeneous triopoly game with isoelastic demand function. (English) Zbl 1242.91150
Summary: We analyze a triopolistic market with heterogeneous firms when the demand function is isoelastic. We consider the same heterogeneous firms as E. M. Elabbasy, H. N. Agiza and A. A. Elsadany [Comput. Math. Appl. 57, No. 3, 488–499 (2009; Zbl 1165.91324)] introducing a nonlinearity in the demand function instead of the cost function. Stability conditions of the two equilibrium points and complex dynamics are studied. The main novelty consists of the double route to chaos, via period-doubling bifurcations and via Neimark-Sacker bifurcation. The two routes have important differences from the economic point of view.
MSC:
91B69Heterogeneous agent models in economics
91A23Differential games (game theory)
91A25Dynamic games
References:
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