Dynamics and Stability Analysis of a Stackelberg Mixed Duopoly Game with Price Competition in Insurance Market
This paper investigates the dynamical behaviors of a Stackelberg mixed duopoly game with price competition in the insurance market, involving one state-owned public insurance company and one private insurance company. We study and compare the stability conditions for the Nash equilibrium points of t...
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| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Wiley
2021-01-01
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| Series: | Discrete Dynamics in Nature and Society |
| Online Access: | http://dx.doi.org/10.1155/2021/3985367 |
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| _version_ | 1850173036027707392 |
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| author | Longfei Wei Haiwei Wang Jing Wang Jialong Hou |
| author_facet | Longfei Wei Haiwei Wang Jing Wang Jialong Hou |
| author_sort | Longfei Wei |
| collection | DOAJ |
| description | This paper investigates the dynamical behaviors of a Stackelberg mixed duopoly game with price competition in the insurance market, involving one state-owned public insurance company and one private insurance company. We study and compare the stability conditions for the Nash equilibrium points of two sequential-move games, public leadership, and private leadership games. Numerical simulations present complicated dynamic behaviors. It is shown that the Nash equilibrium becomes unstable as the price adjustment speed increases, and the system eventually becomes chaotic via flip bifurcation. Moreover, the time-delayed feedback control is used to force the system back to stability. |
| format | Article |
| id | doaj-art-cbf4b74f845a455db8540bcb05eed8eb |
| institution | OA Journals |
| issn | 1026-0226 1607-887X |
| language | English |
| publishDate | 2021-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Discrete Dynamics in Nature and Society |
| spelling | doaj-art-cbf4b74f845a455db8540bcb05eed8eb2025-08-20T02:19:57ZengWileyDiscrete Dynamics in Nature and Society1026-02261607-887X2021-01-01202110.1155/2021/39853673985367Dynamics and Stability Analysis of a Stackelberg Mixed Duopoly Game with Price Competition in Insurance MarketLongfei Wei0Haiwei Wang1Jing Wang2Jialong Hou3School of Finance, Dongbei University of Finance and Economics, Dalian 116025, ChinaThe Collaborative Innovation Center, Jiangxi University of Finance and Economics, Nanchang 330013, ChinaSchool of Mathematics, Liaoning Normal University, Dalian 116029, ChinaDepartment of Electrical and Computer Engineering, University of Florida, Gainesville 32603, Florida, USAThis paper investigates the dynamical behaviors of a Stackelberg mixed duopoly game with price competition in the insurance market, involving one state-owned public insurance company and one private insurance company. We study and compare the stability conditions for the Nash equilibrium points of two sequential-move games, public leadership, and private leadership games. Numerical simulations present complicated dynamic behaviors. It is shown that the Nash equilibrium becomes unstable as the price adjustment speed increases, and the system eventually becomes chaotic via flip bifurcation. Moreover, the time-delayed feedback control is used to force the system back to stability.http://dx.doi.org/10.1155/2021/3985367 |
| spellingShingle | Longfei Wei Haiwei Wang Jing Wang Jialong Hou Dynamics and Stability Analysis of a Stackelberg Mixed Duopoly Game with Price Competition in Insurance Market Discrete Dynamics in Nature and Society |
| title | Dynamics and Stability Analysis of a Stackelberg Mixed Duopoly Game with Price Competition in Insurance Market |
| title_full | Dynamics and Stability Analysis of a Stackelberg Mixed Duopoly Game with Price Competition in Insurance Market |
| title_fullStr | Dynamics and Stability Analysis of a Stackelberg Mixed Duopoly Game with Price Competition in Insurance Market |
| title_full_unstemmed | Dynamics and Stability Analysis of a Stackelberg Mixed Duopoly Game with Price Competition in Insurance Market |
| title_short | Dynamics and Stability Analysis of a Stackelberg Mixed Duopoly Game with Price Competition in Insurance Market |
| title_sort | dynamics and stability analysis of a stackelberg mixed duopoly game with price competition in insurance market |
| url | http://dx.doi.org/10.1155/2021/3985367 |
| work_keys_str_mv | AT longfeiwei dynamicsandstabilityanalysisofastackelbergmixedduopolygamewithpricecompetitionininsurancemarket AT haiweiwang dynamicsandstabilityanalysisofastackelbergmixedduopolygamewithpricecompetitionininsurancemarket AT jingwang dynamicsandstabilityanalysisofastackelbergmixedduopolygamewithpricecompetitionininsurancemarket AT jialonghou dynamicsandstabilityanalysisofastackelbergmixedduopolygamewithpricecompetitionininsurancemarket |