Price‐taking has long been mistakenly regarded as an inferior firm behavior in an imperfectly competitive market. This scenario is challenged when a “Naiver’s Paradox” is shown to exist in an oligopolic market where all firms produce the same product with the same technology (cost...

The role of information in economic dynamics is examined. A misconception that the removal of uncertainty always brings additional stability to an existing equilibrium is clarified. It is shown that the relation between information and equilibrium stability is not monotonic. Removing information...

In this paper we examine assets price deviation in a multi-market system with heterogeneous investors in each market. Coupled map lattices (CML) is introduced to the market maker framework. It results in market cluster sharing the same sign of deviation in the chaotic interval. Distribution...