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Comparative Studies On Cooperative Stochastic Differential Game And Dynamic Sequential Game Of Economic Maturity

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  • Darong DAI

    ()
    (Department of Economics, Nanjing University, China)

  • Jun YIN

    (Department of Economics, Nanjing University, China)

Abstract

In the paper, we are encouraged to investigate the effect of game structure imposed on the minimum-time needed to economic maturity in a dynamic macroeconomic model. Indeed, we have established a basic framework for the comparative study of the cooperative stochastic differential game and dynamic sequential game of economic maturity. Moreover, in a simple stochastic growth model, closed-form solution of the minimum-time needed to economic maturity has been derived with the explicit condition, under which it is confirmed that cooperation between the representative household and the self-interested politician will definitely lead us to much faster economic maturity than that of sequential action, supplied, too. Finally, our model supports the comparative study of the minimum-time needed to economic maturity under different political-institution constraints.

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Bibliographic Info

Article provided by ASERS Publishing in its journal Theoretical and Practical Research in Economic Fields.

Volume (Year): IV (2013)
Issue (Month): 1 (July)
Pages: 25-60

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Handle: RePEc:srs:tpref1:2:v:4:y:2013:i:1:p:25-60

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Related research

Keywords: economic maturity; minimum-time objective; political economy; sequential equilibrium; cooperative stochastic differential game;

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