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Chaotic dynamics and chaos control in differentiated Bertrand model with heterogeneous players

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Purpose – The purpose of this paper is to investigate the chaotic dynamics behaviours and chaos
control of differentiated Bertrand model.
Design/methodology/approach – The paper analyzes a nonlinear differentiated Bertrand duopoly
game by using the theory of bifurcations of dynamical system, where players have heterogeneous
expectations and nonlinear cost function: two types of players are considered – bounded rational and
naive expectation. The equilibrium point and local stability of the duopoly game are investigated.
Findings – The paper demonstrates that as some parameters of the game are varied, the stability of
Nash equilibrium is lost through period doubling bifurcation. The chaotic features are justified
numerically via computing Lyapunov exponents, and sensitive dependence on initial conditions.
By using the delay feedback control method, the authors have made the system form chaotic state to
stable state.
Originality/value – This paper fulfils an identified need to study the diversity of expectations and
how to lead to rich dynamics and complexity.

Keywords Competitive strategy, Economics, Discrete dynamical system, Differentiated duopoly,Bertrand model, Heterogeneous expectations

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Ketersediaan

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Informasi Detail

Judul Seri

Grey Systems: Theory and Application

No. Panggil

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Penerbit

: Emerald Group., 2012

Deskripsi Fisik

Grey Systems: Theory and Application Vol. 2 No. 2, 2012 pp. 129-140

Bahasa

English

ISBN/ISSN

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Klasifikasi

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Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

EKONOMI

Info Detail Spesifik

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Pernyataan Tanggungjawab

Asmawati/Syahrial

Versi lain/terkait

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