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New properties of the Cournot duopoly with isoelastic demand and constant unit costs
Department of Economics, University of Ancona, Italy.
Department of Economics and Quantitative Methods, University of Urbino, Italy.
Umeå University, Faculty of Social Sciences, Centre for Regional Science (CERUM).
2010 (English)Report (Other academic)
Abstract [en]

The object of the work is to perform the global analysis of the Cournot duopoly model with isoelastic demand function and unit costs, presented in Puu (1991). The bifurcation of the unique Cournot fixed point is established, which is a resonant case of the Neimark-Shacker bifurcation. New properties associated with the introduction of horizontal branches are evidenced. These properties di¤er significantly when the constant value is zero or positive and small. The good behavior of the case with positive constant is proved, leading always to positive trajectories. Also when the Cournot fixed point is unstable, stable cycles of any period may exist.

Place, publisher, year, edition, pages
Urbino: University of Urbino Carlo Bo, Department of Economics , 2010. , 19 p.
Series
WP-EMS Working Papers Series in Economics, Mathematics and Statistics, ISSN 1974-4110 ; 2010/06
Keyword [en]
Cournot duopoly, isoelastic demand function, multistability, border-collision bifurcations
National Category
Economics
Identifiers
URN: urn:nbn:se:umu:diva-35099OAI: oai:DiVA.org:umu-35099DiVA: diva2:329249
Available from: 2010-07-08 Created: 2010-07-08 Last updated: 2010-08-10Bibliographically approved

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http://www.econ.uniurb.it/RePEc/urb/wpaper/WP_10_06.pdf

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Puu, Tönu

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CiteExportLink to record
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Citation style
  • apa
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