Profitable Chaos in a Duopoly Market with Asymmetric Production Externality
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概要
- 論文の詳細を見る
This study investigates an economic implication of chaotic fluctuations that are observed in a nonlinear economic dynamic model. To this end, it constructs a nonlinear discrete time Cournot duopoly model in which firms have U-shaped or inverted U-shaped reaction functions due to production externality and shows that chaotic output fluctuations can arise for strong nonlinearities. Two main results of this study are: (i) it is theoretically as well as numerically confirmed that one of the duopolists can benefit in the sense that the long-run average profit taken along a chaotic trajectory is higher than the profit taken at an equilibrium point while the other is disadvantaged if both duopolists are homogeneous; (ii) it is verified with numerical simulations that both duopolists can benefit from chaotic trajectories if they are heterogenous.
- 日本地域学会の論文
著者
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Matsumoto Akio
Department Of Biochemistry Osaka University Medical School
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NONAKA Yasuo
Department of Economics, Kanto Gakuin University
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