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In this study we investigate the dynamics of a nonlinear discrete-time duopoly game, where the players have heterogeneous expectations linear demand and quadratic cost functions. Two players with different expectations are considered; one is boundedly rational and the other thinks with adaptive expectations. We show that the model gives more complex chaotic and unpredictable trajectories as a consequence of change in the slope of the marginal costs. The chaotic features are justified numerically via computing Lyapunov numbers, sensitive dependence on initial conditions and the box dimension of the chaotic attractor.

Chaotic Effect of Linear Marginal Cost in Nonlinear Duopoly Game with Heterogeneous Players