Complex dynamics of Cournot-Bertrand duopoly game with peer-induced fairness and delay decision

This paper establishes the Cournot-Bertrand duopoly game models with bounded rationality expectations under assumption that players are fair-minded agents who may adopt delay decision. The existence and local stability of equilibrium points investigated. effects key parameters on long-term dynamical evolution process investigated by numerical simulation. Furthermore, performance is examined using average profit utility indexes. results reveal excessively fast adjustment speeds higher fairness concern coefficients have a strong destabilizing impact system's stability. product differentiation degree strategy be stabilizing or factors for game, which indicates an appropriate weight conducive to system preserving its In addition, when falls into periodic cycles chaotic motions, change trends players' elevate decline depending specific parameter conditions. Therefore, chaos does not always necessarily detrimental all in game.