TY - GEN
T1 - HOPF bifurcation in the informational nudging of boundedly rational decision makers
AU - Cheng, Yijie
AU - Langbort, Cedric
N1 - This work was supported in part by an ONR grant. Y. Cheng is with the Department of Mechanical Science and Engineering & Coordinated Science Laboratory, University of Illinois at Urbana-Champaign, Urbana, IL 61820, USA [email protected] C. Langbort is with the Department of Aerospace Engineering & Co-ordinated Science Laboratary, University of Illinois at Urbana-Champaign, Urbana, IL 61820, USA [email protected]
PY - 2019/7
Y1 - 2019/7
N2 - 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.
AB - 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.
UR - https://www.scopus.com/pages/publications/85072275069
UR - https://www.scopus.com/pages/publications/85072275069#tab=citedBy
U2 - 10.23919/acc.2019.8815198
DO - 10.23919/acc.2019.8815198
M3 - Conference contribution
AN - SCOPUS:85072275069
T3 - Proceedings of the American Control Conference
SP - 5761
EP - 5766
BT - 2019 American Control Conference, ACC 2019
PB - Institute of Electrical and Electronics Engineers Inc.
T2 - 2019 American Control Conference, ACC 2019
Y2 - 10 July 2019 through 12 July 2019
ER -