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A Stochastic Discrete Fractional Cournot Duopoly Game: Modeling, Stability, and Optimal Control

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  • Jie Ran
  • Yonghui Zhou
  • Jesus M. Munoz-Pacheco

Abstract

A stochastic discrete fractional Cournot duopoly game model with a unique interior Nash equilibrium is developed in this study. Some sufficient criteria of the Lyapunov stability in probability for the proposed model at the interior Nash equilibrium are derived using the Lyapunov theory. The proposed model’s finite time stability in probability is then investigated using a nonlinear feedback control approach at the interior Nash equilibrium. The stochastic Bellman theory is also used to explore the locally optimum control problem. Furthermore, bifurcation diagrams, time series, and the 0-1 test are used to investigate the chaotic dynamics of this model. Finally, numerical examples are given to illustrate the obtained results.

Suggested Citation

  • Jie Ran & Yonghui Zhou & Jesus M. Munoz-Pacheco, 2024. "A Stochastic Discrete Fractional Cournot Duopoly Game: Modeling, Stability, and Optimal Control," Complexity, Hindawi, vol. 2024, pages 1-19, February.
    • Handle: RePEc:hin:complx:6680399
    DOI: 10.1155/2024/6680399
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