Controlling chaos in an economic model

Liang Chen; Guanrong Chen

doi:10.1016/j.physa.2006.07.022

Controlling chaos in an economic model

Liang Chen, Guanrong Chen

Department of Electrical Engineering

Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review

84 Citations (Scopus)

Abstract

A Cournot duopoly, with a bounded inverse demand function and different constant marginal production costs, can be modeled as a discrete-time dynamical system, which exhibits complex bifurcating and chaotic behaviors. Based on some essential features of the model, we show how bifurcation and chaos can be controlled via the delayed feedback control method. We then propose and evaluate an adaptive parameter-tuning algorithm for control. In addition, we discuss possible economic implications of the chaos control strategies described in the paper. © 2006 Elsevier B.V. All rights reserved.

Original language	English
Pages (from-to)	349-358
Journal	Physica A: Statistical Mechanics and its Applications
Volume	374
Issue number	1
DOIs	https://doi.org/10.1016/j.physa.2006.07.022
Publication status	Published - 15 Jan 2007

Research Keywords

Chaos
Control
Cournot
Delayed feedback
Oligopoly

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N2 - A Cournot duopoly, with a bounded inverse demand function and different constant marginal production costs, can be modeled as a discrete-time dynamical system, which exhibits complex bifurcating and chaotic behaviors. Based on some essential features of the model, we show how bifurcation and chaos can be controlled via the delayed feedback control method. We then propose and evaluate an adaptive parameter-tuning algorithm for control. In addition, we discuss possible economic implications of the chaos control strategies described in the paper. © 2006 Elsevier B.V. All rights reserved.

AB - A Cournot duopoly, with a bounded inverse demand function and different constant marginal production costs, can be modeled as a discrete-time dynamical system, which exhibits complex bifurcating and chaotic behaviors. Based on some essential features of the model, we show how bifurcation and chaos can be controlled via the delayed feedback control method. We then propose and evaluate an adaptive parameter-tuning algorithm for control. In addition, we discuss possible economic implications of the chaos control strategies described in the paper. © 2006 Elsevier B.V. All rights reserved.

KW - Chaos

KW - Control

KW - Cournot

KW - Delayed feedback

KW - Oligopoly

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DO - 10.1016/j.physa.2006.07.022

M3 - RGC 21 - Publication in refereed journal

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VL - 374

SP - 349

EP - 358

JO - Physica A: Statistical Mechanics and its Applications

JF - Physica A: Statistical Mechanics and its Applications

IS - 1

ER -

Controlling chaos in an economic model

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Research Keywords

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