DISCRETE TIME DYNAMIC OLIGOPOLIES WITH ADJUSTMENT CONSTRAINTS

被引:4
|
作者
Burr, Chrystie [1 ]
Gardini, Laura [2 ]
Szidarovszky, Ferenc [3 ]
机构
[1] Univ Colorado, Dept Econ, Boulder, CO 80309 USA
[2] Univ Urbino, Dept Econ Soc Polit, I-61029 Urbino, Italy
[3] Univ Pecs, Dept Appl Math, H-7624 Pecs, Hungary
来源
JOURNAL OF DYNAMICS AND GAMES | 2015年 / 2卷 / 01期
关键词
Dynamic Cournot oligopoly; steady state; bounded output; adjustment constraints; stability; bifurcation;
D O I
10.3934/jdg.2015.2.65
中图分类号
O1 [数学];
学科分类号
0701 ; 070101 ;
摘要
A classical n-firm oligopoly is considered first with linear demand and cost functions which has a unique equilibrium. We then assume that the output levels of the firms are bounded in a sense that they are unwilling to make small changes, the output levels are bounded from above, and if the optimal output level is very small then the firms quit producing, which are realistic assumptions in real economies. In the first part of the paper, the best responses of the firms are determined and the existence of infinitely many equilibria is verified. The second part of the paper examines the global dynamics of the duopoly version of the game. In particular we study the stability of the system, the bifurcations which can occur and the basins of attraction of the existing attracting sets, as a function of the speed of adjustment parameter.
引用
收藏
页码:65 / 87
页数:23
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