||Delay Cournot Duopoly Models Revisited
Luca GUERRINI ,
松本 昭夫Ferenc SZIDAROVSZKY
In considering economic dynamics, it has been known that time delays are inherent in economic phenomena and could be crucial sources for oscillatory behavior. The main aim of this study is to shed light on what effects the delays can generate. To this end, three different models of Cournot duopoly with different delays are build in a continuous time framework and their local and global dynamics are analytically and numerically examined. Three major fi
ndings are obtained. First, the stability switching conditions are analytically constructed. Second, it is numerically demonstrated that different length of the delays are sources for the birth of simple and complicated dynamics. Third, the delay for collecting information on the competitors output alone does not affect stability.