HOPF bifurcation in the informational nudging of boundedly rational decision makers

Yijie Cheng, Cedric Langbort

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

Two alternatives decision making task has been studied by psychologists for decades. In this paper, we consider the problem from a control theoretical point of view where a boundedly rational decision maker repeatedly responds to a strategic revelation of information. Dynamical properties of our previously proposed model are analyzed, and stability result is improved by connecting to a larger set of parameters. We show that an arbitrary mixed-strategy equilibrium point can be created and stabilized if the chosen equilibrium point itself, together with the decision maker's personality and total budget for information provision, meet certain conditions; otherwise, a limit cycle will appear, featuring the occurrence of a Hopf bifurcation in the system.

Original languageEnglish (US)
Title of host publication2019 American Control Conference, ACC 2019
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages5761-5766
Number of pages6
ISBN (Electronic)9781538679265
StatePublished - Jul 2019
Event2019 American Control Conference, ACC 2019 - Philadelphia, United States
Duration: Jul 10 2019Jul 12 2019

Publication series

NameProceedings of the American Control Conference
Volume2019-July
ISSN (Print)0743-1619

Conference

Conference2019 American Control Conference, ACC 2019
CountryUnited States
CityPhiladelphia
Period7/10/197/12/19

Fingerprint

Hopf bifurcation
Decision making

ASJC Scopus subject areas

  • Electrical and Electronic Engineering

Cite this

Cheng, Y., & Langbort, C. (2019). HOPF bifurcation in the informational nudging of boundedly rational decision makers. In 2019 American Control Conference, ACC 2019 (pp. 5761-5766). [8815198] (Proceedings of the American Control Conference; Vol. 2019-July). Institute of Electrical and Electronics Engineers Inc..

HOPF bifurcation in the informational nudging of boundedly rational decision makers. / Cheng, Yijie; Langbort, Cedric.

2019 American Control Conference, ACC 2019. Institute of Electrical and Electronics Engineers Inc., 2019. p. 5761-5766 8815198 (Proceedings of the American Control Conference; Vol. 2019-July).

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Cheng, Y & Langbort, C 2019, HOPF bifurcation in the informational nudging of boundedly rational decision makers. in 2019 American Control Conference, ACC 2019., 8815198, Proceedings of the American Control Conference, vol. 2019-July, Institute of Electrical and Electronics Engineers Inc., pp. 5761-5766, 2019 American Control Conference, ACC 2019, Philadelphia, United States, 7/10/19.
Cheng Y, Langbort C. HOPF bifurcation in the informational nudging of boundedly rational decision makers. In 2019 American Control Conference, ACC 2019. Institute of Electrical and Electronics Engineers Inc. 2019. p. 5761-5766. 8815198. (Proceedings of the American Control Conference).
Cheng, Yijie ; Langbort, Cedric. / HOPF bifurcation in the informational nudging of boundedly rational decision makers. 2019 American Control Conference, ACC 2019. Institute of Electrical and Electronics Engineers Inc., 2019. pp. 5761-5766 (Proceedings of the American Control Conference).
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