Abstract
In 1991 Puu proposed a Cournot duopoly model based on an iso-elastic demand function and constant marginal costs for the competitors. These are probably the simplest economic assumptions under which an oligopoly game easily leads to complex dynamics, as suggested by Rand in 1978. In fact a period-doubling cascade towards chaos was observed by Puu. Further, the extension of the model to cases with three competitors leads to more complex dynamics, such as Neimark-Hopf bifurcations of subcritical types, and multistability, i.e. coexistence of the Cournot equilibrium point with an attracting invariant closed curve. See Agliari et. al. 2000 and Puu 2000.
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