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The Birth of Limit Cycles in Cournot Oligopoly Models with Time Delays

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Abstract
We consider the fate of output in the Cournot oligopoly model when the equilibrium is locally unstable. We discuss types of nonlinearities which may be present to bound the motion and introduce time lags in production and information which may serve as bifurcation parameters. In the case of identical firms we apply the Hopf bifurcation theorem to determine conditions under which limit cycle motion is born.

Suggested Citation

  • Carl Chiarella, 1991. "The Birth of Limit Cycles in Cournot Oligopoly Models with Time Delays," Working Paper Series 11, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    • Handle: RePEc:uts:wpaper:11
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    File URL: http://www.finance.uts.edu.au/research/wpapers/wp11.pdf
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    1. al-Nowaihi, A. & Levine, P. L., 1985. "The stability of the cournot oligopoly model: A reassessment," Journal of Economic Theory, Elsevier, vol. 35(2), pages 307-321, August.
    2. Furth, Dave, 1986. "Stability and instability in oligopoly," Journal of Economic Theory, Elsevier, vol. 40(2), pages 197-228, December.
    3. repec:bla:ecorec:v:62:y:1986:i:177:p:194-98 is not listed on IDEAS
    4. Seade, Jesus, 1980. "The stability of cournot revisited," Journal of Economic Theory, Elsevier, vol. 23(1), pages 15-27, August.
    5. Howroyd, T. D. & Russell, A. M., 1984. "Cournot oligopoly models with time delays," Journal of Mathematical Economics, Elsevier, vol. 13(2), pages 97-103, October.
    6. Allen M. Russell & John A. Rickard & T.D. Howroyd, 1986. "The Effects of Delays on the Stability and Rate of Convergence to Equilibrium of Oligopolies," The Economic Record, The Economic Society of Australia, vol. 62(2), pages 194-198, June.
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    Cited by:

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    2. Bischi, Gian Italo & Merlone, Ugo & Pruscini, Eros, 2018. "Evolutionary dynamics in club goods binary games," Journal of Economic Dynamics and Control, Elsevier, vol. 91(C), pages 104-119.

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