By Ngo Van Long
This ebook presents readers with a entire survey of types of dynamic video games in economics, together with an intensive insurance of diverse fields of functions. it is going to additionally speak about and clarify major recommendations and methods utilized in dynamic video games, and tell readers of its significant advancements whereas equipping them with instruments and concepts that may relief within the formula of options for difficulties. A Survey of Dynamic video games in Economics will curiosity those that desire to examine extra in regards to the conceptions, ways and versions which are utilized within the area of dynamic video games.
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Extra resources for A Survey of Dynamic Games in Economics (Surveys on Theories in Economics and Business Administration)
If the leader can replan at some time t1 > 0 where γ(t1 ) > 0, it will reset γ(t1 ) = 0, which implies a change in the path for θ(t), and hence in its emissions. This proves time inconsistency. The intuition is as follows. At the start of the game, the leader would announce that it will emit a lot. This induces the follower to choose a low path of emissions, which is good for the leader. However, once its announced emission plan has “worked”, it would no longer want to emit so much. Therefore, at the replanning time t1 , it would choose a lower path of emissions.
19 The papers by de Zeeuw and van der Ploeg (1991) and Kydland (1975) contain results for stagewise FBSE in discrete time with a ﬁnite horizon. 20 See Ba¸ sar and Haurie (1984) or Turnovsky et al. (1988) for an illustration. Basic Concepts 33 the command and control outcome. Alternatively, one can restrict the space of decision rules that the leader can choose from. Thus, for linear quadratic games, it may seem natural to restrict the leader to decision rules that are linear aﬃne in the state variables.
1. Nash equilibrium under costless extraction and non-decaying pollution Wirl (1994) considers a dynamic game between the government of a fossilfuel importing country and a monopolist seller of fossil fuels extracted costlessly from a stock of resource R. It is assumed that the consumption of fossil fuels takes place only in the importing country, and the amount consumed, q, generates two adverse environmental eﬀects. First, there is ﬂow pollution, with damages equal to (1/2)ηq 2 where η ≥ 0 is the ﬂow damage parameter.
A Survey of Dynamic Games in Economics (Surveys on Theories in Economics and Business Administration) by Ngo Van Long