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Analysis of the dynamics of Cournot team-game with heterogeneous players. (English) Zbl 1187.91077
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.

91B26Market models (auctions, bargaining, bidding, selling, etc.)
37N40Dynamical systems in optimization and economics
91A12Cooperative games
91A10Noncooperative games
Full Text: DOI
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