A Note on Stability of Best Reply and Gradient Systems with Applications to Imperfectly Competitive Models

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dc.contributor.author Corchón, Luis C.
dc.contributor.author Mas-Colell, Andreu
dc.date.accessioned 2009-06-04T09:47:44Z
dc.date.available 2009-06-04T09:47:44Z
dc.date.issued 1995
dc.identifier.isbn 84-482--1074-3
dc.identifier.uri http://hdl.handle.net/10016/4344
dc.description.abstract In this paper we present a general result on the convergence to an equilibrium of a 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 Gradient or Best Reply dynamics, even under strong restrictions on the funtional form of both demand and costs. This implies that we can construct examples with three players where the above dynamical prodedures yield chaotic behavior.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.publisher IVIE
dc.relation.ispartofseries Working Paper
dc.relation.ispartofseries WP-AD 95-18
dc.subject Stability
dc.subject Chaotic Systems
dc.subject Best Reply
dc.subject Dynamics
dc.subject Dominant Diagonal
dc.title A Note on Stability of Best Reply and Gradient Systems with Applications to Imperfectly Competitive Models
dc.type workingPaper
dc.subject.eciencia Economía
dc.rights.accessRights openAccess
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