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Chinese Journal of Management Science ›› 2025, Vol. 33 ›› Issue (7): 324-336.doi: 10.16381/j.cnki.issn1003-207x.2022.1918

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Evolutionary Game Analysis for Blockchain Adoption Decisions of Two Oligopolies in An Agricultural Market

Zhiwen Li1, Xianhao Xu1(), Xu Guan1, Qingguo Bai2, Cheng Chen3   

  1. 1.School of Management,Huazhong University of Science and Technology,Wuhan 430074,China
    2.School of Management,Qufu Normal University,Rizhao 276826,China
    3.School of Artificial Intelligence,Jianghan University,Wuhan 430056,China
  • Received:2022-09-02 Revised:2022-11-09 Online:2025-07-25 Published:2025-08-06
  • Contact: Xianhao Xu E-mail:xxhao@hust.edu.cn

Abstract:

To alleviate consumers’ concerns about the quality of agricultural products and enhance consumers’ perception of product quality, companies are trying to use blockchain technology to trace and disclose the quality of agricultural products. Using signaling game and evolutionary game theories to explore the blockchain technology adoption decisions of two oligopolies in an agricultural market, and further analyze the impact of the presence of loyal consumers and government subsidy mechanisms on the evolutionary equilibrium of blockchain technology adoption decisions. The theoretical results show that the evolutionary equilibrium of these two oligopolies’ blockchain technology adoption decisions depend on the ratio of the added value of blockchain technology to the added value of the agricultural products. When this ratio is sufficiently small and increasing, these two oligopolies will go through three stages, i.e., from Stage I in which this technology is not adopted by any oligopoly, to Stage II in which this technology is only adopted by one of the two oligopolies who oscillate between adoption and non-adoption, and then to Stage III in which blockchain technology is adopted by both oligopolies. The presence of loyal consumers makes it easier for companies to fall into the swing stage, while the government’s subsidy policies can help companies get out of the swing stage, i.e., it makes these two oligopolies adopt blockchain technology.

Key words: agricultural products, duopoly, blockchain, signaling game, evolutionary game

CLC Number: