Stability and Multistability of a Bounded Rational Mixed Duopoly Model with Homogeneous Product
Joint Authors
Zhou, Wei
Zhao, Na
Chu, Tong
Chang, Ying-Xiang
Source
Issue
Vol. 2020, Issue 2020 (31 Dec. 2020), pp.1-16, 16 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2020-08-12
Country of Publication
Egypt
No. of Pages
16
Main Subjects
Abstract EN
In this paper, a mixed duopoly dynamic model with bounded rationality is built, where a public-private joint venture and a private enterprise produce homogeneous products and compete in the same market.
The purpose of this research is to study the stability and the multistability of the established model.
The local stability of all the equilibrium points is discussed by using Jury condition, and the stability region of the Nash equilibrium point has been given.
A special fractal structure called “hub of periodicity” has been found in the two-parameter space by numerical simulation.
In addition, the phenomena of multistability (also called coexistence of multiple attractors) are also studied using basins of attraction and 1-D bifurcation diagrams with adiabatic initial conditions.
We find that there are two different coexistences of multiple attractors.
And, the fractal structure of the attracting basin is also analyzed, and the formation mechanisms of “holes” and “contact” bifurcation have been revealed.
At last, the long-term profits of the enterprises are studied.
We find that some enterprises can even make more profits under a chaotic circumstance.
American Psychological Association (APA)
Zhou, Wei& Zhao, Na& Chu, Tong& Chang, Ying-Xiang. 2020. Stability and Multistability of a Bounded Rational Mixed Duopoly Model with Homogeneous Product. Complexity،Vol. 2020, no. 2020, pp.1-16.
https://search.emarefa.net/detail/BIM-1141964
Modern Language Association (MLA)
Zhou, Wei…[et al.]. Stability and Multistability of a Bounded Rational Mixed Duopoly Model with Homogeneous Product. Complexity No. 2020 (2020), pp.1-16.
https://search.emarefa.net/detail/BIM-1141964
American Medical Association (AMA)
Zhou, Wei& Zhao, Na& Chu, Tong& Chang, Ying-Xiang. Stability and Multistability of a Bounded Rational Mixed Duopoly Model with Homogeneous Product. Complexity. 2020. Vol. 2020, no. 2020, pp.1-16.
https://search.emarefa.net/detail/BIM-1141964
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-1141964