Voracity, growth and welfare
AbstractThis paper explores some implications of the comparison between feedback Nash and Stackelberg equilibria for growth and welfare in a `voracity' model. We show that as compared to the Nash equilibrium, the Stackelberg equilibrium involves a lower growth rate while it leaves both the leaders and the followers better o , i.e., the Stackelberg equilibrium is Pareto superior to the Nash equilibrium.
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Bibliographic InfoPaper provided by School of Economics, Kwansei Gakuin University in its series Discussion Paper Series with number 77.
Length: 11 pages
Date of creation: Sep 2011
Date of revision: Sep 2011
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Dynamic game; Growth; Welfare; Feedback Nash equilibrium; Feedback Stackelberg equilibrium;
Find related papers by JEL classification:
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-10-09 (All new papers)
- NEP-COM-2011-10-09 (Industrial Competition)
- NEP-FDG-2011-10-09 (Financial Development & Growth)
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