@article{oai:chuo-u.repo.nii.ac.jp:00003806,
 author = {MATSUMOTO, Akio},
 journal = {経済研究所 Discussion Paper, IERCU Discussion Paper},
 month = {Apr},
 note = {application/pdf, We call the intercept of the price function with the vertical axis the maximum price and the slope of the price function the marginal price.  In this paper it is assumed that a monopoly has full information about the marginal price and its own cost function but is uncertain on the maximum price.  However, by repeated interaction with the market, the obtained price observations give a basis for an adaptive learning process.  It is also assumed that the price observations have fixed delays, so the learning process can be described by a delayed differential equation.  In the cases of one or two delays, the asymptotic behavior of the resulting dynamic process is examined, stability conditions are derived and the occurrence of Hopf bifurcation is shown at the critical values.  It is also shown that the nonlinear learning process can generate complex dynamics when the steady state is locally unstable ane the delay is long enough.},
 title = {Learning in Monopolies with Delayed Price Information},
 volume = {203},
 year = {2013}
}