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Lattice Methods in Computation of Sequential Markov Equilibrium in Dynamic Games

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This paper uses lattice programming methods along with the extension of Tarski's fixed point theorem due to Veinott (1992) and Zhou (1994) to establish sufficient conditions for existence of sequential symmetric Markov equilibrium in a large class of dynamic games. Our method is constructive and we provide specific algorithms for computing equilibrium. These results are applied to the classic fishwar game in the context of a finite horizon. JEL Classification: C62, C63, C73, D90

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Paper provided by Department of Economics, W. P. Carey School of Business, Arizona State University in its series Working Papers with number 2179545.

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Handle: RePEc:asu:wpaper:2179545

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  1. Maskin, Eric & Tirole, Jean, 2001. "Markov Perfect Equilibrium: I. Observable Actions," Journal of Economic Theory, Elsevier, vol. 100(2), pages 191-219, October.
  2. Manjira Datta & Leonard J. Mirman, . "Externalities, Market Power, and Resource Extraction," Working Papers 97/12, Arizona State University, Department of Economics.
  3. Zhou Lin, 1994. "The Set of Nash Equilibria of a Supermodular Game Is a Complete Lattice," Games and Economic Behavior, Elsevier, vol. 7(2), pages 295-300, September.
  4. Manjira Datta, . "Externalities and Price Dynamics," Working Papers 9710, Arizona State University, Department of Economics.
  5. Santos, Manuel S, 1991. "Smoothness of the Policy Function in Discrete Time Economic Models," Econometrica, Econometric Society, vol. 59(5), pages 1365-82, September.
  6. Manjira Datta & Leonard J. Mirman, . "Dynamic Externalities and Policy Coordination," Working Papers 97/11, Arizona State University, Department of Economics.
  7. Vives, X., 1988. "Nash Equilibrium With Strategic Complementarities," UFAE and IAE Working Papers 107-88, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  8. Sundaram, Rangarajan K., 1989. "Perfect equilibrium in non-randomized strategies in a class of symmetric dynamic games," Journal of Economic Theory, Elsevier, vol. 47(1), pages 153-177, February.
  9. Milgrom, P. & Shannon, C., 1991. "Monotone Comparative Statics," Papers 11, Stanford - Institute for Thoretical Economics.
  10. Curtat, Laurent O., 1996. "Markov Equilibria of Stochastic Games with Complementarities," Games and Economic Behavior, Elsevier, vol. 17(2), pages 177-199, December.
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Cited by:
  1. Manjira Datta & Leonard Mirman & Kevin Reffett, . "Nonclassical Brock-Mirman Economies," Working Papers 2179544, Department of Economics, W. P. Carey School of Business, Arizona State University.

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