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Some results on the Markov equilibria of a class of homogeneous differential games

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  • Van Long, Ngo
  • Shimomura, Koji

Abstract

We consider the class of differential games with transition dynamics and constraints that are homogeneous of degree one. We show that if the integrand of the objective function is homogeneous of degree , then best replies to linear homogeneous Markov strategies are linear homogeneous, and the value function is homogeneous of degree . A parallel result holds when one applies logarithmic transformation to the integrand. Examples are provided. Nous étudions la classe de jeux différentiels dont l'équation de transition et les contraintes sont caractérisées par l'homogénéité du premier degré. Nous prouvons que si la fonction d'objectif possède l'homogénéité du degré , alors la meilleure réponse aux stratégies markoviennes qui possèdent l'homogénéité du premier degré doit avoir la même propriété, et la fonction de valeur est caractérisée par l'homogénéité du degré . On obtient un résultat similaire dans le cas d'une transformation logarithmique de la fonction d'objectif. L'article contient trois exemples.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 33 (1998)
Issue (Month): 3-4 (January)
Pages: 557-566

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Handle: RePEc:eee:jeborg:v:33:y:1998:i:3-4:p:557-566

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  1. Léonard,Daniel & Long,Ngo van, 1992. "Optimal Control Theory and Static Optimization in Economics," Cambridge Books, Cambridge University Press, number 9780521331586, April.
  2. Fischer, Ronald D. & Mirman, Leonard J., 1992. "Strategic dynamic interaction : Fish wars," Journal of Economic Dynamics and Control, Elsevier, vol. 16(2), pages 267-287, April.
  3. Fischer, Ronald D. & Mirman, Leonard J., 1996. "The Compleat Fish Wars: Biological and Dynamic Interactions," Journal of Environmental Economics and Management, Elsevier, vol. 30(1), pages 34-42, January.
  4. Drew Fudenberg & Jean Tirole, 1991. "Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061414, December.
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Cited by:
  1. Wolfgang Eggert & Jun-ichi Itaya & Kazuo Mino, 2010. "A DynamicModel of Conflict and Appropriation," KIER Working Papers 733, Kyoto University, Institute of Economic Research.
  2. Sébastien Rouillon, 2014. "Do Social Status Seeking Behaviors Worsen the Tragedy of the Commons?," Dynamic Games and Applications, Springer, vol. 4(1), pages 73-94, March.
  3. Ngo Van Long & Koji Shimomura & Harutaka Takahashi, 1997. "Comparing Open-Loop with Markov Equilibria in a Class of Differential Games," CIRANO Working Papers 97s-22, CIRANO.
  4. Gerhard Sorger, 2005. "A dynamic common property resource problem with amenity value and extraction costs," International Journal of Economic Theory, The International Society for Economic Theory, vol. 1(1), pages 3-19.
  5. Murray C. Kemp & Ngo Van Long, 2007. "Development Aid in the Presence of Corruption: Differential Games among Donors," CIRANO Working Papers 2007s-23, CIRANO.
  6. Ngo Long, 2011. "Dynamic Games in the Economics of Natural Resources: A Survey," Dynamic Games and Applications, Springer, vol. 1(1), pages 115-148, March.
  7. List, John A. & Mason, Charles F., 2001. "Optimal Institutional Arrangements for Transboundary Pollutants in a Second-Best World: Evidence from a Differential Game with Asymmetric Players," Journal of Environmental Economics and Management, Elsevier, vol. 42(3), pages 277-296, November.

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