On the dynamics of games with product differentiation
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| Rok publikování | 2018 |
| Druh | Další prezentace na konferencích |
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| Popis | In this paper we generalize the Matsumoto and Szidarovszky’s work [1] of differentiated oligopoly for a multimarket setting, considering n markets and m players. In particular we analyze quantity and price competition when firms presents joint economies of scale in different markets. This analysis enrich the current literature, capturing an empirical regularity of modern markets. We explicitly obtain the Nash equilibrium solutions of every game under certain conditions, and in turn a stability analysis is carried out for each singular point. Some numerical simulations are de- veloped, confirming the chaotic behavior of these games, by bifurcations and Lyapunov exponent. Finally, it is shown that the dynamic of one player in one particular market depends crucially on the competition configuration of the other market, and the level of complementaity of the products. Keywords: Multi-market oligopoly; Cournot–Nash competition; Bertrand–Nash competition; Economies of scale; Differentiated goods; Stability; Chaos References [1] Akio Matsumoto and Ferenc Szidarovszky. Theocharis problem reconsidered in differentiated oligopoly. Economics Research International, 2014, 2014. |