Dynamics of Hotelling triopoly model with bounded rationality

Yu Peng, Qian Lu, Xue Wu, Yueru Zhao and Yue Xiao

Applied Mathematics and Computation, 2020, vol. 373, issue C

Abstract: It is devoted to introduce and research a triopoly Hotelling model with a triangular market in this paper. Based on bounded rationality, a three-dimensional discrete dynamical system is formulated. The complex dynamics which occur in the process of chaotic evolution have been investigated. The solution of Nash equilibrium gives rise to complicated phenomena as some parameters of the model are varied. Some numerical simulations are used to portray such chaotic behavior. Furthermore, proper control scheme is applied to keep the system from instability and chaos, which is also supported by some simulations.

Keywords: Hotelling triopoly model; Bounded rationality; Bifurcation; Chaos control (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:apmaco:v:373:y:2020:i:c:s0096300319310197

DOI: 10.1016/j.amc.2019.125027

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