Markovian Equilibrium in a Class of Stochastic Games: Existence Theorems for Discounted and Undiscounted Models
AbstractWe study a strategic version of the neoclassical growth model under possible production uncertainty. For a general specification of the problem, we establish (1) the existence of stationary Markov equilibria in pure strategies for the discounted game, and (2) the convergence, under a boundedness condition, of discounted equilibrium strategies to a pure strategy stationary Markovian equilibrium of the undiscounted game as the discount factor tends to unity. The same techniques can be used to prove that such convergence also obtains in all finite-state, finite-action stochastic games satisfying a certain "full communicability" condition. These results are of special interest since there are well known examples in the literature in which the limit of discounted.equilibria fails to be an equilibrium of the undiscounted game.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 2 (1992)
Issue (Month): 2 (April)
Contact details of provider:
Web page: http://link.springer.de/link/service/journals/00199/index.htm
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Koulovatianos, Christos & Mirman, Leonard J., 2007.
"The effects of market structure on industry growth: Rivalrous non-excludable capital,"
Journal of Economic Theory,
Elsevier, vol. 133(1), pages 199-218, March.
- Christos Koulovatianos & Leonard J. Mirman, 2005. "The Effects of Market Structure on Industry Growth: Rivalrous Non-excludable Capital," Vienna Economics Papers 0501, University of Vienna, Department of Economics.
- Matkowski, Janusz & Nowak, Andrzej S., 2008.
"On Discounted Dynamic Programming with Unbounded Returns,"
12215, University Library of Munich, Germany.
- Janusz Matkowski & Andrzej Nowak, 2011. "On discounted dynamic programming with unbounded returns," Economic Theory, Springer, vol. 46(3), pages 455-474, April.
- Escobar, Juan F., 2013. "Equilibrium analysis of dynamic models of imperfect competition," International Journal of Industrial Organization, Elsevier, vol. 31(1), pages 92-101.
- Christos Koulovatianos & Leonard J. Mirman, 2003. "R&D Investment, Market Structure, and Industry Growth ," University of Cyprus Working Papers in Economics 8-2003, University of Cyprus Department of Economics.
- Steinmetz, Alexander, 2010. "Price and inventory dynamics in an oligopoly industry: A framework for commodity markets," W.E.P. - WÃ¼rzburg Economic Papers 82, University of Würzburg, Chair for Monetary Policy and International Economics.
- Gerhard Sorger, 1997.
"Markov-perfect Nash equilibria in a class of resource games,"
Springer, vol. 11(1), pages 79-100.
- Gerhard Sorger, 1996. "Markov Perfect Nash Equilibria in a Class of Resource Games," CIRANO Working Papers 96s-15, CIRANO.
- Antoniadou, Elena & Koulovatianos, Christos & Mirman, Leonard J., 2013.
"Strategic exploitation of a common-property resource under uncertainty,"
Journal of Environmental Economics and Management,
Elsevier, vol. 65(1), pages 28-39.
- Christos Koulovatianos & Elena Antoniadou & Leonard J.Mirman, 2007. "Strategic Exploitation of a Common-Property Resource under Uncertainty," Vienna Economics Papers 0703, University of Vienna, Department of Economics.
- Christos Koulovatianos & Leonard J. Mirman, 2003.
"The Effects of Market Structure on Industry Growth ,"
University of Cyprus Working Papers in Economics
7-2003, University of Cyprus Department of Economics.
- Christos Koulovatianos & Leonard J. Mirman, 2004. "The Effects of Market Structure on Industry Growth," 2004 Meeting Papers 639, Society for Economic Dynamics.
- Dutta, Prajit K. & Radner, Roy, 2009. "A strategic analysis of global warming: Theory and some numbers," Journal of Economic Behavior & Organization, Elsevier, vol. 71(2), pages 187-209, August.
- Mitri Kitti, 2011. "Conditionally Stationary Equilibria in Discounted Dynamic Games," Dynamic Games and Applications, Springer, vol. 1(4), pages 514-533, December.
- Prajit Dutta & Roy Radner, 2012. "Capital growth in a global warming model: will China and India sign a climate treaty?," Economic Theory, Springer, vol. 49(2), pages 411-443, February.
- Nowak, Andrzej S., 2008. "Equilibrium in a dynamic game of capital accumulation with the overtaking criterion," Economics Letters, Elsevier, vol. 99(2), pages 233-237, May.
- Steve Alpern & Shmuel Gal, 2009. "Analysis and design of selection committees: a game theoretic secretary problem," International Journal of Game Theory, Springer, vol. 38(3), pages 377-394, November.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F Baum).
If references are entirely missing, you can add them using this form.