Publication: Efficient Markov perfect Nash equilibria: theory and application to dynamic fishery games
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Publication date
2005
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Tutors
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Elsevier
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.
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Keywords
Differential games, Markov-perfect Nash equilibria, Pareto optimum, Quaslinear partial differential equations, Fishery management
Bibliographic citation
Journal of Economic Dynamics and Control. 2005, vol. 29, nº 6, p. 1073-1096