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symposium articles : Numerical solution of dynamic oligopoly games with capital investment

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Author Info
Dmitry V. Vedenov () (Department of AED Economics, 2120 Fyffe Rd., The Ohio State University, Columbus, OH 43210, USA)
Mario J. Miranda () (Department of AED Economics, 2120 Fyffe Rd., The Ohio State University, Columbus, OH 43210, USA)

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Abstract

This paper discusses how numerical techniques may be used to solve the simultaneous functional equations that arise in general dynamic stochastic games. Unlike the conventional linear-quadratic approach, our methods may be used to address general model specifications that may include non-quadratic objective functions, non-linear equations of motion, and constraints on decision variables. As an illustration, we apply our methods to a dynamic duopoly game in which competing firms play short-run quantity game subject to production cost that can be lowered through investment in capital stock in the long run.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 18 (2001)
Issue (Month): 1 ()
Pages: 237-261
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Handle: RePEc:spr:joecth:v:18:y:2001:i:1:p:237-261

Note: Received: June 1, 2000; revised version: December 27, 2000
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Related research
Keywords: Dynamic games - Oligopoly - Numerical methods - Computational economics.;

Find related papers by JEL classification:
C63 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computational Techniques
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

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