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Extended Model on Structural Stability and Robustness to Bounded Rationality

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  • Yi Liao
  • Lujiang Miao
  • Lei Wang
  • Fei Xu
  • Chi Zhang
  • Quanxin Zhu

Abstract

In this article, we focus on an extended model M¯ of bounded rationality. Based on a rationality function with lower semicontinuity, we analyze the relationship between structural stability and robustness of Ω¯. To further demonstrate the applicability of our theory, we introduce a model Ω¯0 containing an abstract rationality function and generalize abstract fuzzy economies. We demonstrate the structural stability of the extended model Ω¯0 at ξ¯,ɛ. That is to say, Ω¯0 is robust to the ξ¯,ɛ-equilibria.

Suggested Citation

  • Yi Liao & Lujiang Miao & Lei Wang & Fei Xu & Chi Zhang & Quanxin Zhu, 2021. "Extended Model on Structural Stability and Robustness to Bounded Rationality," Complexity, Hindawi, vol. 2021, pages 1-6, May.
    • Handle: RePEc:hin:complx:4902786
    DOI: 10.1155/2021/4902786
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