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http://hdl.handle.net/10016/5575
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| Title: | Characterization of Markovian equilibria in a class of differential games |
| Author(s): | Rincón-Zapatero, Juan Pablo [jrincon] |
| Publisher: | Elsevier |
| Issued date: | 2004 |
| Citation: | Journal of Economic Dynamics and Control. 2004, vol. 28, nº 7, p. 1243-1266 |
| URI: | http://hdl.handle.net/10016/5575 |
| ISSN: | 0165-1889 |
| DOI: | 10.1016/S0165-1889(03)00118-0 |
| Abstract: | We consider an alternative method to the classical one for the determination of Markov perfect Nash equilibria. The approach shown in the paper is based on the study of a quasi-linear system of partial differential equations instead of the Hamilton–Jacobi–Bellman system. The simpler structure of the former allows us to determine existence and uniqueness of Nash equilibria in non-renewable resource games under some assumptions. When closed-form solutions are not available, we give a method to obtain numerical solutions. |
| Sponsor: | Financial support from Investigation Projects PB98-0393 of Direcci-on General de Ense˜nanza Superior e Investigaci-on Cient-XKca and VA 108/01 of Junta de Castilla y Le-on are gratefully acknowledged. The author is grateful to two anonymous referees for their comments and corrections. I am also indebted to the Associated Editor Tamer BaHsar for his remarks and for the careful reading of the manuscript. The author is responsible for any remaining error. |
| Review: | PeerReviewed |
| Publisher version: | http://dx.doi.org/10.1016/S0165-1889(03)00118-0 |
| Keywords: | Differential games
Markovian equilibrium
Quasilinear equation
Non-renewable resource |
| JEL Classification: | C73
Q32 |
| Rights: | © Elsevier |
| Appears in Collections: | Economists Online
DE - Artículos de Revistas
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