Munich Personal RePEc Archive

A continuous time Cournot duopoly with delays

Gori, Luca and Guerrini, Luca and Sodini, Mauro (2015): A continuous time Cournot duopoly with delays. Forthcoming in: Chaos, Solitons & Fractals

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This paper extends the classical repeated duopoly model with quantity-setting firms of Bischi et al. (1998) by assuming that production of goods is subject to some gestation lags but exchanges take place continuously on the market. The model is expressed in the form of differential equations with discrete delays. By using some recent mathematical techniques and numerical experiments, results show some dynamic phenomena that cannot be observed when delays are absent. In addition, depending on the extent of time delays and inertia, synchronisation failure can arise even in the event of homogeneous firms.

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