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Please use this identifier to cite or link to this item:
http://hdl.handle.net/10016/5577
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| Title: | Efficient Markov perfect Nash equilibria: theory and application to dynamic fishery games |
| Author(s): | Martín-Herrán, G.
Rincón-Zapatero, Juan Pablo [jrincon] |
| Publisher: | Elsevier |
| Issued date: | 2005 |
| Citation: | Journal of Economic Dynamics and Control. 2005, vol. 29, nº 6, p. 1073-1096 |
| URI: | http://hdl.handle.net/10016/5577 |
| ISSN: | 0165-1889 |
| DOI: | 10.1016/j.jedc.2004.08.004 |
| Abstract: | In this paper, we present a method for the characterization of Markov perfect Nash equilibria being Pareto efficient in non-linear differential games. For that purpose, we use a new method for computing Nash equilibria with Markov strategies by means of a system of quasilinear partial differential equations. We apply the necessary and sufficient conditions derived to characterize efficient Markov perfect Nash equilibria to dynamic fishery games. |
| Sponsor: | We are grateful to the editor Kenneth L. Judd and an anonymous referee for helpful comments. The research of the first author was supported by MCYT under project BEC2002-02361 and JCYL under project VA51/03, cofinanced by FEDER funds. The research of the second author was supported by MCYT under project BFM2002–00425 and JCYL under project VA099/04 cofinanced by FEDER funds. |
| Review: | PeerReviewed |
| Publisher version: | http://dx.doi.org/10.1016/j.jedc.2004.08.004 |
| Keywords: | Differential games
Markov-perfect Nash equilibria
Pareto optimum
Quaslinear partial differential equations
Fishery management |
| Rights: | © Elsevier |
| Appears in Collections: | Economists Online
DE - Artículos de Revistas
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