Abstract
A bounded rationality duopoly game with delay is formulated. Its dynamical evolution is analyzed. The existence of an economic equilibrium of the game is derived. The local stability analysis has been carried out. The analysis showed that firms using delayed bounded rationality have a higher chance of reaching a Nash equilibrium point. Numerical simulations were used to show bifurcation diagrams and phase portraits.
| Original language | English |
|---|---|
| Pages (from-to) | 1479-1489 |
| Number of pages | 11 |
| Journal | Mathematical and Computer Modelling |
| Volume | 52 |
| Issue number | 9-10 |
| DOIs | |
| State | Published - Nov 2010 |
| Externally published | Yes |
Keywords
- Chaotic
- Delayed bounded rationality
- Duopoly game
- Strange attractor
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