IDEAS home Printed from https://ideas.repec.org/a/bla/jecrev/v50y1999i4p457-469.html
   My bibliography  Save this article

Comparing Open-loop With Markov Equilibria in a Class of Differential Games

Author

Listed:
  • Ngo Van Long
  • Koji Shimomura
  • Harutaka Takahashi

Abstract

We consider a class of differential games with transition equations that are homogeneous of degree one. For any game G with a discount rate r, consider a Markov perfect equilibrium (MPE) with strategies that are linear in the state variables. We show that the time paths of the control variables of this equilibrium constitute an open-loop equilibrium of a corresponding game Classification-JEL: C72; C73; Q30
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Ngo Van Long & Koji Shimomura & Harutaka Takahashi, 1999. "Comparing Open-loop With Markov Equilibria in a Class of Differential Games," The Japanese Economic Review, Japanese Economic Association, vol. 50(4), pages 457-469, December.
    • Handle: RePEc:bla:jecrev:v:50:y:1999:i:4:p:457-469
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1111/1468-5876.00132
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Van Long, Ngo & Shimomura, Koji, 1998. "Some results on the Markov equilibria of a class of homogeneous differential games," Journal of Economic Behavior & Organization, Elsevier, vol. 33(3-4), pages 557-566, January.
    2. Clemhout, Simone & Wan, Henry Jr., 1994. "Differential games -- Economic applications," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 2, chapter 23, pages 801-825, Elsevier.
    3. Takayama,Akira, 1985. "Mathematical Economics," Cambridge Books, Cambridge University Press, number 9780521314985, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Sébastien Rouillon, 2014. "Do Social Status Seeking Behaviors Worsen the Tragedy of the Commons?," Dynamic Games and Applications, Springer, vol. 4(1), pages 73-94, March.
    2. Charles Figuières, 2009. "Markov interactions in a class of dynamic games," Theory and Decision, Springer, vol. 66(1), pages 39-68, January.
    3. Ngo Long, 2011. "Dynamic Games in the Economics of Natural Resources: A Survey," Dynamic Games and Applications, Springer, vol. 1(1), pages 115-148, March.
    4. repec:bla:reviec:v:17:y:2009:i:si:p:230-243 is not listed on IDEAS
    5. Genc, Talat S. & De Giovanni, Pietro, 2018. "Optimal return and rebate mechanism in a closed-loop supply chain game," European Journal of Operational Research, Elsevier, vol. 269(2), pages 661-681.
    6. Murray C. Kemp & Ngo Van Long, 2007. "Development Aid in the Presence of Corruption: Differential Games among Donors," CIRANO Working Papers 2007s-23, CIRANO.
    7. Genc, Talat S., 2017. "The impact of lead time on capital investments," Journal of Economic Dynamics and Control, Elsevier, vol. 82(C), pages 142-164.
    8. Talat S. Genc & Georges Zaccour, 2010. "Investment Dynamics: Good News Principle," Working Papers 1006, University of Guelph, Department of Economics and Finance.
    9. Agah R. Turan, 2019. "Intentional time inconsistency," Theory and Decision, Springer, vol. 86(1), pages 41-64, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gerhard Sorger, 2005. "A dynamic common property resource problem with amenity value and extraction costs," International Journal of Economic Theory, The International Society for Economic Theory, vol. 1(1), pages 3-19, March.
    2. Murray C. Kemp & Ngo Van Long, 2007. "Development Aid in the Presence of Corruption: Differential Games among Donors," CIRANO Working Papers 2007s-23, CIRANO.
    3. Maćkowiak, Piotr, 2009. "Adaptive Rolling Plans Are Good," MPRA Paper 42043, University Library of Munich, Germany.
    4. Giorgio Giorgi & Cesare Zuccotti, 2014. "Some Extensions of the class of K-matrices: A Survey and Some Economic Applications," DEM Working Papers Series 075, University of Pavia, Department of Economics and Management.
    5. Ambrus, Attila & Pathak, Parag A., 2011. "Cooperation over finite horizons: A theory and experiments," Journal of Public Economics, Elsevier, vol. 95(7), pages 500-512.
    6. Pablo D. Fajgelbaum & Edouard Schaal, 2020. "Optimal Transport Networks in Spatial Equilibrium," Econometrica, Econometric Society, vol. 88(4), pages 1411-1452, July.
    7. Johannes Bröcker & Till Requate, 2022. "Substitution and size effect for factor demand revisited," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 10(2), pages 251-265, October.
    8. Alcántara, Vicent & Tarancón, Miguel-Angel & del Río, Pablo, 2013. "Assessing the technological responsibility of productive structures in electricity consumption," Energy Economics, Elsevier, vol. 40(C), pages 457-467.
    9. Paolo Bertoletti & Giorgio Rampa, 2011. "On Marginal Returns and Inferior Inputs," Quaderni di Dipartimento 145, University of Pavia, Department of Economics and Quantitative Methods.
    10. Georg Meran & Reimund Schwarze, 2004. "Pitfalls in Restructuring the Electricity Industry," German Economic Review, Verein für Socialpolitik, vol. 5(1), pages 81-101, February.
    11. Lozada, Gabriel A., 1996. "Existence of equilibria in exhaustible resource industries Nonconvexities and discrete vs. continuous time," Journal of Economic Dynamics and Control, Elsevier, vol. 20(1-3), pages 433-444.
    12. David J. Bryce & Sidney G. Winter, 2009. "A General Interindustry Relatedness Index," Management Science, INFORMS, vol. 55(9), pages 1570-1585, September.
    13. Yaguchi, Yu, 1994. "A panel data approach to the intercountry metaproduction function," ISU General Staff Papers 1994010108000018181, Iowa State University, Department of Economics.
    14. Alvarez-Cuadrado, Francisco & Long, Ngo & Poschke, Markus, 2017. "Capital-labor substitution, structural change and growth," Theoretical Economics, Econometric Society, vol. 12(3), September.
    15. Dumagan, Jesus C. & Mount, Timothy D., 1996. "Global properties of well-behaved demand systems: A generalized logit model specification," Economic Modelling, Elsevier, vol. 13(2), pages 235-256, April.
    16. Panu Poutvaara & Andreas Wagener, 2008. "Why is the public sector more labor-intensive? A distortionary tax argument," Journal of Economics, Springer, vol. 94(2), pages 105-124, July.
    17. Ngo Long & Vincent Martinet, 2018. "Combining rights and welfarism: a new approach to intertemporal evaluation of social alternatives," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 50(1), pages 35-64, January.
    18. Crettez, Bertrand & Hayek, Naila & Zaccour, Georges, 2023. "When is frugality optimal?," Mathematical Social Sciences, Elsevier, vol. 125(C), pages 65-75.
    19. Fritz, Oliver M. & Sonis, Michael & Hewings, Geoffrey J. D., 1998. "A Miyazawa analysis of interactions between polluting and non-polluting sectors," Structural Change and Economic Dynamics, Elsevier, vol. 9(3), pages 289-305, September.
    20. Munisamy, Gopinath & Roe, Terry L., 1995. "General Equilibrium Analysis of Supply and Factor Returns in U.S. Agriculture, 1949-91," Bulletins 7516, University of Minnesota, Economic Development Center.

    More about this item

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • 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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jecrev:v:50:y:1999:i:4:p:457-469. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/jeaaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.