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

  • Ngo Van Long
  • Koji Shimomura
  • Harutaka Takahashi

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 considère une classe de jeux dynamiques où l'évolution du stock est une fonction homogène du premier degré. Étant donné un jeu G avec le taux d'actualisation r , on considère un équilibre Markov-parfait dont les stratégies sont linéaires par rapport aux variables d'état. On montre que les sentiers des variables de contrôle de cet équilibre constituent un équilibre en boucle ouverte d'un jeu

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File URL: http://hdl.handle.net/10.1111/1468-5876.00132
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Article provided by Japanese Economic Association in its journal Japanese Economic Review.

Volume (Year): 50 (1999)
Issue (Month): 4 (December)
Pages: 457-469

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Handle: RePEc:bla:jecrev:v:50:y:1999:i:4:p:457-469
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  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.
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