Solving a three player differential game in resource economics - the case of exhaustible resources
Differential 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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