A heterogenous Cournot duopoly with delay dynamics: Hopf bifurcations and stability switching curves

Nicolo' Pecora, Mauro Sodini

Risultato della ricerca: Contributo in rivistaArticolo in rivistapeer review

19 Citazioni (Scopus)

Abstract

This article considers a Cournot duopoly model in a continuous-time framework and analyze its dynamic behavior when the competitors are heterogeneous in determining their output decision. Specifically the model is expressed in the form of differential equations with discrete delays. The stability conditions of the unique Nash equilibrium of the system are determined and the emergence of Hopf bifurcations is shown. Applying some recent mathematical techniques (stability switching curves) and performing numerical simulations, the paper confirms how different time delays affect the stability of the economy.
Lingua originaleEnglish
pagine (da-a)36-46
Numero di pagine11
RivistaCOMMUNICATIONS IN NONLINEAR SCIENCE & NUMERICAL SIMULATION
Volume58
DOI
Stato di pubblicazionePubblicato - 2018

Keywords

  • Bounded rationality
  • Duopoly model
  • Hopf bifurcation
  • Stability switch
  • Time delay

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