Abstract
The Cournot-Puu economic model, with a bounded inverse demand function and different constant marginal production costs, exhibits complex bifurcating and chaotic behaviors. In this work, two approaches are developed to control bifurcation and chaos in the model. The first approach is based on the delayed feedback control method and can be viewed as a variant of Chens strategy. The second approach is an adaptive parameter turning algorithm in which the original adaptive method for controlling chaos is implemented. Numerical simulations are conducted to show how bifurcation and chaos can be controlled by the proposed approaches. The possible economic implications of the proposed control strategies are also discussed.
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