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Two time delays are assumed in a boundedly rational monopoly. The characteristic equation is derived for the general case, and a complete stability analysis is conducted both analytically and numerically in two special cases. In the first case, wherein the continuously distributed time delays...
Persistent link: https://www.econbiz.de/10011117186
Cournot oligopolies are examined with two kinds of output adjustment costs, which model the use of contingent work force and additional investments. The best responses of the firms are first determined and the partial adjustment toward best responses is assumed in formulating a dynamic model....
Persistent link: https://www.econbiz.de/10011117203