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On the stability of best reply and gradient systems with application to imperfectly competitive models

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dc.affiliation.dptoUC3M. Departamento de Economíaes
dc.contributor.authorCorchón, Luis C.
dc.contributor.authorMas-Colell, A.
dc.date.accessioned2009-03-13T09:24:27Z
dc.date.available2009-03-13T09:24:27Z
dc.date.issued1996
dc.description.abstractWe present a general result on the convergence to an equilibrium of class of dynamic adjustment procedures which includes gradient systems and best reply dynamics as special cases - when there are two players and strategy sets are one dimensional. We also show that there are no restrictions on the form of the gradient or best reply dynamics, even under strong restrictions on the functional form of both demand and costs. This implies that we can construct examples with three players where the above dynamical procedures yield chaotic behavior.
dc.description.statusPublicado
dc.format.mimetypeapplication/pdf
dc.identifier.bibliographicCitationEconomics Letters. 1996, vol. 51, p. 59-65
dc.identifier.doi10.1016/0165-1765(95)00752-0
dc.identifier.issn0165-1765
dc.identifier.urihttps://hdl.handle.net/10016/3812
dc.language.isoeng
dc.publisherElsevier
dc.relation.publisherversionhttp://dx.doi.org/10.1016/0165-1765(95)00752-0
dc.rights© 1996 Elsevier B.V. All rights reserved
dc.rights.accessRightsopen access
dc.subject.ecienciaEconomía
dc.subject.jelC73
dc.subject.otherGradient
dc.subject.otherBest reply
dc.subject.otherChaos
dc.subject.otherStability
dc.titleOn the stability of best reply and gradient systems with application to imperfectly competitive models
dc.typeresearch article*
dc.type.reviewPeerReviewed
dspace.entity.typePublication
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