A Survey Of Dynamic Games In Economics (Surveys on Theories by Ngo Van Long

By Ngo Van Long

This booklet offers readers with a accomplished survey of versions of dynamic video games in economics, together with an intensive assurance of various fields of purposes. it's going to additionally speak about and clarify major techniques and methods utilized in dynamic video games, and tell readers of its significant advancements whereas equipping them with instruments and ideas that might reduction within the formula of strategies for difficulties. A Survey of Dynamic video games in Economics will curiosity those that desire to research extra concerning the conceptions, techniques and types which are utilized within the area of dynamic games.

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Dynamic Games in Environmental Economics 39 game (De Zeeuw and van der Ploeg, 1991). The search for an equilibrium is formulated as a non-linear complementary problem, for which efficient algorithms have been developed (Ferris and Munson, 2000). The authors numerically compute the OLNE. )9 To do the calibration, they use simulation results of a computable general equilibrium model, namely GEMINI-E3 (Bernard and Vielle, 1998, 2000, 2003), and a partial equilibrium model of the world energy system, namely POLES (Criqui, 1996).

This is because the seller aims at restricting output in the early phase of the program. Recall Hotelling’s famous dictum, “the monopolist is the conservationist’s best friend”. Wirl (1994) argues that there exist other Nash equilibria where both players use non-linear strategies, and these equilibria lead to some steady∗∗ < ar/δ. He also shows that both players would be better off by state Z∞ using linear strategies. One may argue that, in the context of this model, such equilibria are not subgame perfect, in the sense that if both players ∗∗ , they would want to move away from it, so that both find themselves at Z∞ would gain.

16), and E ∗ (0) is given by Eq. 23). By construction, this strategy will be chosen by 13 The time-inconsistency of open-loop Stackelberg games was pointed out by Simaan and Cruz (1973b, p. 619), and recognized in the macroeconomic literature by Kydland and Prescott (1977). In Kydland and Prescott (1977), the government is the open-loop Stackelberg leader and private individuals are followers. In public economics, the models of optimal redistributive taxation formulated by Chamley (1986) and Judd (1985) are formally open-loop Stackelberg games, and therefore are subject to time inconsistency.

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