Complexity Analysis of a Cournot-Bertrand Duopoly Game Model with Limited Information
A Cournot-Bertrand mixed duopoly game model with limited information about the market and opponent is considered, where the market has linear demand and two firms have the same fixed marginal cost. The principles of decision-making are bounded rational. One firm chooses output and the other chooses...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Wiley
2013-01-01
|
| Series: | Discrete Dynamics in Nature and Society |
| Online Access: | http://dx.doi.org/10.1155/2013/287371 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1849471801047908352 |
|---|---|
| author | Hongwu Wang Junhai Ma |
| author_facet | Hongwu Wang Junhai Ma |
| author_sort | Hongwu Wang |
| collection | DOAJ |
| description | A Cournot-Bertrand mixed duopoly game model with limited information about the market and opponent is considered, where the market has linear demand and two firms have the same fixed marginal cost. The
principles of decision-making are bounded rational. One firm chooses output and the other chooses price as decision variable, with the assumption that there is a certain degree of differentiation between the products offered by firms to avoid the whole market being occupied by the one that applies a lower price. The existence of Nash equilibrium point and its local stability of the game are investigated. The complex dynamics, such as bifurcation scenarios and route to chaos, are displayed using parameter basin plots by numerical experiment. The influences of the parameters on the system performance are discussed from the perspective of economics. |
| format | Article |
| id | doaj-art-e768f257e52a43eeabfc7be4267617b9 |
| institution | Kabale University |
| issn | 1026-0226 1607-887X |
| language | English |
| publishDate | 2013-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Discrete Dynamics in Nature and Society |
| spelling | doaj-art-e768f257e52a43eeabfc7be4267617b92025-08-20T03:24:43ZengWileyDiscrete Dynamics in Nature and Society1026-02261607-887X2013-01-01201310.1155/2013/287371287371Complexity Analysis of a Cournot-Bertrand Duopoly Game Model with Limited InformationHongwu Wang0Junhai Ma1School of Management, Tianjin University, Tianjin 300072, ChinaSchool of Management, Tianjin University, Tianjin 300072, ChinaA Cournot-Bertrand mixed duopoly game model with limited information about the market and opponent is considered, where the market has linear demand and two firms have the same fixed marginal cost. The principles of decision-making are bounded rational. One firm chooses output and the other chooses price as decision variable, with the assumption that there is a certain degree of differentiation between the products offered by firms to avoid the whole market being occupied by the one that applies a lower price. The existence of Nash equilibrium point and its local stability of the game are investigated. The complex dynamics, such as bifurcation scenarios and route to chaos, are displayed using parameter basin plots by numerical experiment. The influences of the parameters on the system performance are discussed from the perspective of economics.http://dx.doi.org/10.1155/2013/287371 |
| spellingShingle | Hongwu Wang Junhai Ma Complexity Analysis of a Cournot-Bertrand Duopoly Game Model with Limited Information Discrete Dynamics in Nature and Society |
| title | Complexity Analysis of a Cournot-Bertrand Duopoly Game Model with Limited Information |
| title_full | Complexity Analysis of a Cournot-Bertrand Duopoly Game Model with Limited Information |
| title_fullStr | Complexity Analysis of a Cournot-Bertrand Duopoly Game Model with Limited Information |
| title_full_unstemmed | Complexity Analysis of a Cournot-Bertrand Duopoly Game Model with Limited Information |
| title_short | Complexity Analysis of a Cournot-Bertrand Duopoly Game Model with Limited Information |
| title_sort | complexity analysis of a cournot bertrand duopoly game model with limited information |
| url | http://dx.doi.org/10.1155/2013/287371 |
| work_keys_str_mv | AT hongwuwang complexityanalysisofacournotbertrandduopolygamemodelwithlimitedinformation AT junhaima complexityanalysisofacournotbertrandduopolygamemodelwithlimitedinformation |