Multistability and complex dynamics in a simple discrete economic model

Mingshu Peng, Zhonghao Jiang, Xiaoxia Jiang, Jiping Hu and Youli Qu

Chaos, Solitons & Fractals, 2009, vol. 41, issue 2, 671-687

Abstract: In this paper, we will propose a generalized Cournot duopoly model with Z2 symmetry. We demonstrate that cost functions incorporating an interfirm externality lead to a system of couple one-dimensional maps. In the situation where agents take turns, we find in an analytic way that there coexist multiple unstable/stable period-2 cycles or synchronized/asynchronized periodic orbits. Coupling one-dimension chaos can be observed.

Date: 2009
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:chsofr:v:41:y:2009:i:2:p:671-687

DOI: 10.1016/j.chaos.2008.02.040

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