Two different routes to complex dynamics in an heterogeneous triopoly game

A Naimzada, F Tramontana - Journal of Difference Equations and …, 2015 - Taylor & Francis
Journal of Difference Equations and Applications, 2015Taylor & Francis
We study a triopoly game with heterogeneous players. The market is characterized by a
nonlinear (isoelastic) demand function and three competitors. The main novelty is the
double route to complex dynamics that we find and is quite rare in heterogeneous triopoly
models. We show that the two routes have important implications for the economic
interpretation of the dynamics emerging when the Cournot–Nash equilibrium becomes
locally unstable. Moreover the model displays multistability of different attractors, requiring a …
We study a triopoly game with heterogeneous players. The market is characterized by a nonlinear (isoelastic) demand function and three competitors. The main novelty is the double route to complex dynamics that we find and is quite rare in heterogeneous triopoly models. We show that the two routes have important implications for the economic interpretation of the dynamics emerging when the Cournot–Nash equilibrium becomes locally unstable. Moreover the model displays multistability of different attractors, requiring a global analysis of the dynamical system.
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