Complexity of Collective Learning Dynamics in Linear Cournot-type Market
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Accession number;07A0176807
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| Title;Complexity of Collective Learning Dynamics in Linear Cournot-type Market |
| Author;
KUNIGAMI MASAAKI
(Graduate School of Business Sciences, Univ. Tsukuba, JPN)
TERANO TAKAO
(Interdisciplinary Graduate School of Sci. Engineering, Tokyo Inst. Technol., JPN)
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Journal Title;IPSJ Transactions on Database
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Journal Code:Z0778A
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ISSN:0387-5806
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VOL.48;NO.SIG2(TOM16);PAGE.1-8(2007)
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| Figure&Table&Reference;FIG.5, REF.10 |
| Pub. Country;Japan |
| Language;Japanese |
| Abstract;This paper presents a new model of market described by continuous and deterministic dynamics. On Cournot duopoly or oligopoly game, lots of papers investigate with nonlinear price or cost curves. In this new model, we introduce an expanded Cournot type "inverse demand function" of several interfering variations of the goods. Then, we add a collective learning mechanism of numberless players (producers). Our new model focuses on not each rational players' complex behavior but complex behavior of micro-macro interaction within bounded rational agents and the market. The main contribution of this paper is as follows. (1) The market dynamics is equivalent to Replicator Dynamics that has been found in evolutional game theory. (2) With little changes of market structure parameters, this market dynamics shows bifurcation, which means the sudden transition from states with diversity and stability to other states that fluctuate endogenously or produce only a few variations. (3) In spite of deriving from the linear inverse demand function and continuous time modeling, this market dynamics also shows a bifurcation with proper chaotic behavior. (author abst.) |
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