Complexity of a Duopoly Game in the Electricity Market with Delayed Bounded Rationality
Joint Authors
Source
Discrete Dynamics in Nature and Society
Issue
Vol. 2012, Issue 2012 (31 Dec. 2012), pp.1-13, 13 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2012-12-18
Country of Publication
Egypt
No. of Pages
13
Main Subjects
Abstract EN
According to a triopoly game model in the electricity market with bounded rational players, a new Cournot duopoly game model with delayed bounded rationality is established.
The model is closer to the reality of the electricity market and worth spreading in oligopoly.
By using the theory of bifurcations of dynamical systems, local stable region of Nash equilibrium point is obtained.
Its complex dynamics is demonstrated by means of the largest Lyapunov exponent, bifurcation diagrams, phase portraits, and fractal dimensions.
Since the output adjustment speed parameters are varied, the stability of Nash equilibrium gives rise to complex dynamics such as cycles of higher order and chaos.
Furthermore, by using the straight-line stabilization method, the chaos can be eliminated.
This paper has an important theoretical and practical significance to the electricity market under the background of developing new energy.
American Psychological Association (APA)
Ma, Junhai& Tu, Hongliang. 2012. Complexity of a Duopoly Game in the Electricity Market with Delayed Bounded Rationality. Discrete Dynamics in Nature and Society،Vol. 2012, no. 2012, pp.1-13.
https://search.emarefa.net/detail/BIM-491521
Modern Language Association (MLA)
Ma, Junhai& Tu, Hongliang. Complexity of a Duopoly Game in the Electricity Market with Delayed Bounded Rationality. Discrete Dynamics in Nature and Society No. 2012 (2012), pp.1-13.
https://search.emarefa.net/detail/BIM-491521
American Medical Association (AMA)
Ma, Junhai& Tu, Hongliang. Complexity of a Duopoly Game in the Electricity Market with Delayed Bounded Rationality. Discrete Dynamics in Nature and Society. 2012. Vol. 2012, no. 2012, pp.1-13.
https://search.emarefa.net/detail/BIM-491521
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-491521