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EnglishWe propose a modelling approach to study Cournotian oligopolies of boundedly rational firms which continuously update production decisions on the basis of information collected periodically. The model consists of a system of differential equations with piecewise constant arguments, which can be recast into a system of difference equations. Considering different economic settings, we study the local stability of equilibrium, proving the destabilizing role of the time lag between two consecutive learning activities. We investigate some particular families of oligopolies showing the occurrence of both flip and Neimark–Sacker bifurcations, as well as the evidence of multistability with the coexistence between different attractors, occurring when oligopolies consisting of both technologically different and identical firms are studied.
| Autori interni: | |
| Autori: | Cavalli, Fausto; Naimzada, Ahmad; Sodini, Mauro |
| Titolo: | Oligopoly models with different learning and production time scales |
| Anno del prodotto: | 2018 |
| Abstract: | We propose a modelling approach to study Cournotian oligopolies of boundedly rational firms which continuously update production decisions on the basis of information collected periodically. The model consists of a system of differential equations with piecewise constant arguments, which can be recast into a system of difference equations. Considering different economic settings, we study the local stability of equilibrium, proving the destabilizing role of the time lag between two consecutive learning activities. We investigate some particular families of oligopolies showing the occurrence of both flip and Neimark–Sacker bifurcations, as well as the evidence of multistability with the coexistence between different attractors, occurring when oligopolies consisting of both technologically different and identical firms are studied. |
| Digital Object Identifier (DOI): | 10.1007/s10203-018-0225-0 |
| Appare nelle tipologie: | 1.1 Articolo in rivista |
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