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Analysis of triopoly game with isoelastic demand function and heterogeneous players. (English) Zbl 1233.91181
Summary: We analyze a triopoly game model with fully heterogeneous players when the demand function is isoelastic. The three players were considered to be bounded rational, adaptive, and naïve. Existing equilibrium points and their locally asymptotic stability conditions are studied. Complexity of the dynamical system is examined by means of numerical simulations, such as period cycles, bifurcation diagrams, strange attractors and sensitive, dependence on initial conditions. This paper extends the result of {\it F. Tramontana} [“Heterogeneous duopoly with isoelastic demand function”, Econ. Model. 27, No. 1, 350--357 (2010)] who considered a heterogeneous duopoly with isoelastic demand function. Comparisons with respect to the heterogeneous triopoly model of {\it E. M. Elabbasy, H. N. Agiza} and {\it A. A. Elsadany} [Comput. Math. Appl. 57, No. 3, 488--499 (2009; Zbl 1165.91324)] assuming linear demand function are performed.
91B55Economic dynamics
91A25Dynamic games
91B69Heterogeneous agent models in economics
Full Text: DOI
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