Cournot oligopoly and chaos theory - impact for economic modeling

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27740%2F21%3A10250284" target="_blank" >RIV/61989100:27740/21:10250284 - isvavai.cz</a>
Alternative codes found
RIV/61989100:27240/21:10250284
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Cournot oligopoly and chaos theory - impact for economic modeling
Original language description
The main aim of this paper is to show the importance of chaos theory in economics by using the example of the Cournot oligopoly model. The purpose is not to describe the essence of chaos theory as such, which has been the subject of many mathematical or physical studies, but to point out the insights and significance of chaos theory used in the framework of the Cournot oligopoly. This paper is intended to be a reflection on the relevance of chaos theory in oligopoly games, especially in an economic context. The paper briefly describes the historical development of the use of chaos theory in the Cournot oligopoly model, its basic mathematical definition, and a simple example of an application of chaos theory. Understanding the subsets of chaos theory in the context of economics highlights the importance of a deterministic approach to economics, the impossibility of making longrun predictions, but the ability to correct and manage the system to avoid complex oscillations. Oligopolistic structures, with their simpler system than perfect congruence, allow chaos theory to be implemented appropriately.
Czech name
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Czech description
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Project
<a href="/en/project/LM2018140" target="_blank" >LM2018140: e-Infrastructure CZ</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)<br>S - Specificky vyzkum na vysokych skolach

Publication year
2021
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Economic and Social Policy : proceedings of the international scientific conference : September 7–9, 2021, Čeladná, Czech Republic
ISBN
978-80-87291-29-0
ISSN
2571-1776
e-ISSN
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Number of pages
14
Pages from-to
326-339
Publisher name
PRIGO University
Place of publication
Ostrava
Event location
Čeladná
Event date
Sep 7, 2021
Type of event by nationality
EUR - Evropská akce
UT code for WoS article
000836186000029

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