Abstract
The equilibrium state of a bounded rational monopolist model is studied in this paper. It is assumed that the entire demand function is considered based on some market experiments to produce a quantity which maximizes profit. The stability of equilibrium state of the model is discussed. In addition, some complex dynamical behaviours of the model are illustrated.
► A discrete dynamical model based on a non-linear price function is proposed. ► The stability of the steady state of the model is discussed and proved. ► Some complex characteristics as bifurcation and chaos are detected and identified. ► The findings of this paper generalize the throughput of Naimzada's work in Naimzada and Ricchiuti (2008).