Solving a three player differential game in resource economics - the case of exhaustible resources
AbstractDifferential games link strategic interactions between agents and optimization concerning time. Past and current actions of each player influence all future strategy sets and pay offs through a transition law. Due to high complexity, it is hard to find a Nash-equilibrium within a differential game and it is even harder to get some results in comparative statics. It is the purpose of the paper to describe an approximation routine for an open-loop Nash equilibrium of a simple differential game in exhaustible resources. Excel is applied as it is a wild spread tool.
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Bibliographic InfoPaper provided by Technische Universität München, Environmental Economics and Agricultural Policy Group in its series Discussion Papers with number 042005.
Length: 17 pages
Date of creation: Apr 2005
Date of revision:
Find related papers by JEL classification:
- A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-02-17 (All new papers)
- NEP-CMP-2007-02-17 (Computational Economics)
- NEP-ENV-2007-02-17 (Environmental Economics)
- NEP-GTH-2007-02-17 (Game Theory)
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