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Tinbergen controllability and n-player LQ-games

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  • Di Bartolomeo, Giovanni
  • Hughes Hallett, Andrew
  • Acocella, Nicola

Abstract

We study the relationship between equilibrium existence and uniqueness in LQ-games, and the classical theory of economic policy. By focusing on system controllability, we find necessary conditions for the existence and uniqueness of the Nash equilibrium that generalize results in the existing literature.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 113 (2011)
Issue (Month): 1 (October)
Pages: 32-34

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Handle: RePEc:eee:ecolet:v:113:y:2011:i:1:p:32-34

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Policy games Equilibrium existence Decentralization Centralization;

References

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  1. Giancarlo Corsetti & Paolo Pesenti, 2001. "Welfare And Macroeconomic Interdependence," The Quarterly Journal of Economics, MIT Press, vol. 116(2), pages 421-445, May.
  2. Acocella, Nicola & Di Bartolomeo, Giovanni & Piacquadio, Paolo G., 2009. "Conflict of interests, (implicit) coalitions and Nash policy games," Economics Letters, Elsevier, vol. 105(3), pages 303-305, December.
  3. Pappa, Evi, 2004. "Do the ECB and the fed really need to cooperate? Optimal monetary policy in a two-country world," Journal of Monetary Economics, Elsevier, vol. 51(4), pages 753-779, May.
  4. Nicola Acocella & Giovanni Di Bartolomeo, 2005. "Tinbergen And Theil Meet Nash: Controllability In Policy Games," Macroeconomics 0504036, EconWPA, revised 06 Sep 2005.
  5. Dasgupta, Partha & Maskin, Eric, 1986. "The Existence of Equilibrium in Discontinuous Economic Games, I: Theory," Review of Economic Studies, Wiley Blackwell, vol. 53(1), pages 1-26, January.
  6. Hamada, Koichi, 1976. "A Strategic Analysis of Monetary Interdependence," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 677-700, August.
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Cited by:
  1. Nicola acocella & Giovanni Di Bartolomeo & Andrew Hughes Hallett, . "The theory of economic policy: from a theory of control to a theory of conflict (resolutions)," Working Papers 91/11, Sapienza University of Rome, Metodi e modelli per l'economia, il territorio e la finanza MEMOTEF.

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