Dynamic Analysis and Chaos Control of Bertrand Triopoly Based on Differentiated Products and Heterogeneous Expectations
Author
Source
Discrete Dynamics in Nature and Society
Issue
Vol. 2020, Issue 2020 (31 Dec. 2020), pp.1-17, 17 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2020-07-11
Country of Publication
Egypt
No. of Pages
17
Main Subjects
Abstract EN
Price competition has become a universal commercial phenomenon nowadays.
This paper considers a dynamic Bertrand price game model, in which enterprises have heterogeneous expectations.
By the stability theory of the dynamic behavior of the Bertrand price game model, the instability of the boundary equilibrium point and the stability condition of the internal equilibrium point are obtained.
Furthermore, bifurcation diagram, basin of attraction, and critical curve are introduced to investigate the dynamic behavior of this game.
Numerical analysis shows that the change of model parameters in a dynamic system has a significant impact on the stability of the system and can even lead to complex dynamic behaviors in the evolution of the entire economic system.
This kind of complex dynamic behavior will cause certain damage to the stability of the whole economic system, causing the market to fall into a chaotic state, which is manifested as a kind of market disorder competition, which is very unfavorable to the stability of the economic system.
Therefore, the chaotic behavior of the dynamical system is controlled by time-delay feedback control and the numerical analysis shows that the effective control of the dynamical system can be unstable behavior and the rapid recovery of the market can be stable and orderly.
American Psychological Association (APA)
Zhao, Liuwei. 2020. Dynamic Analysis and Chaos Control of Bertrand Triopoly Based on Differentiated Products and Heterogeneous Expectations. Discrete Dynamics in Nature and Society،Vol. 2020, no. 2020, pp.1-17.
https://search.emarefa.net/detail/BIM-1152859
Modern Language Association (MLA)
Zhao, Liuwei. Dynamic Analysis and Chaos Control of Bertrand Triopoly Based on Differentiated Products and Heterogeneous Expectations. Discrete Dynamics in Nature and Society No. 2020 (2020), pp.1-17.
https://search.emarefa.net/detail/BIM-1152859
American Medical Association (AMA)
Zhao, Liuwei. Dynamic Analysis and Chaos Control of Bertrand Triopoly Based on Differentiated Products and Heterogeneous Expectations. Discrete Dynamics in Nature and Society. 2020. Vol. 2020, no. 2020, pp.1-17.
https://search.emarefa.net/detail/BIM-1152859
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-1152859