Comparing Open-loop With Markov Equilibria in a Class of Differential Games
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 On considÃ¨re une classe de jeux dynamiques oÃ¹ l'Ã©volution du stock est une fonction homogÃ¨ne du premier degrÃ©. Ã‰tant donnÃ© un jeu G avec le taux d'actualisation r , on considÃ¨re un Ã©quilibre Markov-parfait dont les stratÃ©gies sont linÃ©aires par rapport aux variables d'Ã©tat. On montre que les sentiers des variables de contrÃ´le de cet Ã©quilibre constituent un Ã©quilibre en boucle ouverte d'un jeu
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Volume (Year): 50 (1999)
Issue (Month): 4 (December)
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References listed on IDEAS
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- 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.
- Ngo Van Long & Koji Shimomura, 1995. "Some Results on the Markov Equilibria of a Class of Homogeneous Differential Games," CIRANO Working Papers 95s-36, CIRANO.
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