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A simple framework for investigating the properties of policy games

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  • Piacquadio Paolo G.
  • Di Bartolomeo Giovanni
  • Acocella Nicola

Abstract

The paper extensively studies the static model of non-cooperative linear quadratic games in which a set of agents chooses their instruments strategically to minimize their linear quadratic criterion. We first derive the necessary and sufficient conditions for the existence of a Nash equilibrium as well as for multiple equilibria to arise. Furthermore, we study the general condition for policy neutrality and Pareto efficiency of the equilibrium by introducing a new concept of decisiveness.

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File URL: http://wp.comunite.it/data/wp_no_59_2009.pdf
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Bibliographic Info

Paper provided by Department of Communication, University of Teramo in its series wp.comunite with number 0059.

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Date of creation: Dec 2009
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Handle: RePEc:ter:wpaper:0059

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Web page: http://wp.comunite.it/

Related research

Keywords: Conflict of interest; Nash equilibrium existence; multiplicity; policy invariance; controllability; Pareto efficiency;

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  9. Sen, Amartya K, 1976. "Liberty, Unanimity and Rights," Economica, London School of Economics and Political Science, vol. 43(171), pages 217-45, August.
  10. Wulf Gaerther & Prasanta K. Pattanaik & Kotaro Suzumura, 1991. "Individual Rights Revisited," Discussion Paper Series a238, Institute of Economic Research, Hitotsubashi University.
    • Gaertner, Wulf & Pattanaik, Prasanta K & Suzumura, Kotaro, 1992. "Individual Rights Revisited," Economica, London School of Economics and Political Science, vol. 59(234), pages 161-77, May.
  11. Schmitz, Patrick W., 2001. "The Coase Theorem, Private Information, and the Benefits of Not Assigning Property Rights," MPRA Paper 6929, University Library of Munich, Germany.
  12. Bezalel Peleg, 1997. "Effectivity functions, game forms, games, and rights," Social Choice and Welfare, Springer, vol. 15(1), pages 67-80.
  13. Sen, Amartya Kumar, 1970. "The Impossibility of a Paretian Liberal," Scholarly Articles 3612779, Harvard University Department of Economics.
  14. Sen, Amartya, 1995. "Rationality and Social Choice," American Economic Review, American Economic Association, vol. 85(1), pages 1-24, March.
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