Markov perfect Nash equilibria in models with a single capital stock

被引：0
作者：
Engelbert Dockner
Florian Wagener
机构：
[1] WU Vienna University of Economics and Business,Department of Finance, Accounting and Statistics, Institute for Finance, Banking and Insurance
[2] Universiteit van Amsterdam,CeNDEF, School of Economics
来源：
Economic Theory | 2014年 / 56卷
关键词：
Capital accumulation games; Markov equilibria; Resource games; Differential games; C73; D92; Q22;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
Many economic problems can be formulated as dynamic games in which strategically interacting agents choose actions that determine the current and future levels of a single capital stock. We study necessary as well as sufficient conditions that allow us to characterise Markov perfect Nash equilibria for these games. These conditions can be translated into an auxiliary system of ordinary differential equations that helps us to explore stability, continuity and differentiability of these equilibria. The techniques are used to derive detailed properties of Markov perfect Nash equilibria for several games including voluntary investment in a public capital stock, the inter-temporal consumption of a reproductive asset and the pollution of a shallow lake.
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页码：585 / 625
页数：40
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