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Characterization of Markovian equilibria in a class of differential games

✍ Scribed by J.P Rincón-Zapatero

Publisher
Elsevier Science
Year
2004
Tongue
English
Weight
377 KB
Volume
28
Category
Article
ISSN
0165-1889

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✦ Synopsis

We consider an alternative method to the classical one for the determination of Markov perfect Nash equilibria. The approach shown in the paper is based on the study of a quasi-linear system of partial di erential equations instead of the Hamilton-Jacobi-Bellman system. The simpler structure of the former allows us to determine existence and uniqueness of Nash equilibria in non-renewable resource games under some assumptions. When closed-form solutions are not available, we give a method to obtain numerical solutions.

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In this paper we introduce a model of multigenerational stochastic games of capital accumulation where each generation consists of m different players. The main objective is to prove the existence of a perfect stationary equilibrium in an infinite horizon game. A suitable change in the terminology u