Authors: Georges Sarafopoulos
In this paper the equilibrium state of a bounded rational monopolist model is studied. It is assumed that the entire demand and cost functions are nonlinear. The equilibrium of the model is equal to the level of price that maximizes profits, as can be seen in the classical microeconomic theory. However, complex dynamics can arise and the stability of equilibrium state is discussed. The complex dynamics, bifurcations and chaos are displayed by computing numerically Lyapunov numbers and sensitive dependence on initial conditions.
Comments: 11 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/
[v1] 2018-07-01 03:27:40
Unique-IP document downloads: 28 times
Vixra.org is a pre-print repository rather than a journal. Articles hosted may not yet have been verified by peer-review and should be treated as preliminary. In particular, anything that appears to include financial or legal advice or proposed medical treatments should be treated with due caution. Vixra.org will not be responsible for any consequences of actions that result from any form of use of any documents on this website.
Add your own feedback and questions here:
You are equally welcome to be positive or negative about any paper but please be polite. If you are being critical you must mention at least one specific error, otherwise your comment will be deleted as unhelpful.