A fractional-order difference Cournot duopoly game with long memory

Baogui Xin, Wei Peng and Yekyung Kwon

Papers from arXiv.org

Abstract: We reconsider the Cournot duopoly problem in light of the theory for long memory. We introduce the Caputo fractional-order difference calculus to classical duopoly theory to propose a fractional-order discrete Cournot duopoly game model, which allows participants to make decisions while making full use of their historical information. Then we discuss Nash equilibria and local stability by using linear approximation. Finally, we detect the chaos of the model by employing a 0-1 test algorithm.

Date: 2019-03
New Economics Papers: this item is included in nep-com and nep-gth
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