Dynamics Analysis of Cournot Triopoly Game Model with Heterogeneous Players in Exploitation of a Renewable Resource

Authors: ,

Abstract: Based on a dynamical multi-team Cournot game in the exploitation of a renewable resource, a new dynamic Cournot triopoly game model with one bounded rational player and two team players is established to find a renewable resource. By using the theory of bifurcations of dynamical systems, we studied the stability of the system, obtaining a point at which local stable regions reach the Nash equilibrium. Besides, we analyzed the resulting adjustment speed parameters and the weight parameter of the system, which could otherwise affect the dynamics behaviors of the system. The complexity of the system is demonstrated by means of bifurcation diagram, the Lyapunov exponents, the phase portrait, the time history diagram and the fractal dimension. Furthermore, the linear feedback control method is used to control the chaos of the system. The derived results have very important theoretical and practical significance to the renewable resource firms and market.

WSEAS Transactions on Systems and Control, ISSN / E-ISSN: 1991-8763 / 2224-2856, Volume 10, 2015, Art. #77

PDF
XML
Cite
×
Citation Tools
WSEAS AMA
Hongliang Tu, Junhai Ma, "Dynamics Analysis of Cournot Triopoly Game Model with Heterogeneous Players in Exploitation of a Renewable Resource," WSEAS Transactions on Systems and Control, vol. 10, pp. 713-723, 2015, DOI:
Hongliang Tu, Junhai Ma. Dynamics Analysis of Cournot Triopoly Game Model with Heterogeneous Players in Exploitation of a Renewable Resource. WSEAS Transactions on Systems and Control. 2015;10:713-723.
Copy to Clipboard
Citation copied to Clipboard

Certification

---