A Dynamic Duopoly Cournot Model with R&D Efforts and Its Dynamic Behavior Analysis

Wei Zhou, Jie Zhou, Tong Chu and Hui Li

Complexity, 2020, vol. 2020, 1-19

Abstract:

In this paper, a dynamic two-stage Cournot duopoly game with R&D efforts is built. Then, the local stability of the equilibrium points are discussed, and the stability condition of the Nash equilibrium point is also deduced through Jury criterion. The complex dynamical behaviors of the built model are investigated by numerical simulations. We found that the unique route to chaos is flip bifurcation, and the increase of adjusting speed will cause the system to lose stability and produce more complex dynamic behavior. In addition, we also found the phenomenon of multistability in the given model. Several kinds of coexistence of attractors are shown. In particular, we found that boundary attractors can coexist with internal attractors, which also aggravates the complexity of the system. At last, the chaotic state in the built system has been successfully controlled.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:hin:complx:9634878

DOI: 10.1155/2020/9634878

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