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English | Weak and strong time consistency in a differential oligopoly game with capital accumulation |
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Weak and strong time consistency in a differential oligopoly game with capital accumulation (English)
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20 August 2008
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In this paper a differential oligopoly game with Ramsey capital accumulation rule is studied. Under the open-loop information structure, it is shown that the model admits a Nash equilibrium which is strongly time consistent. The reason is that the first order conditions for the control variables are independent of states and when the co-state variables are zero for the entire planning horizon.
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differential games
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capital accumulation
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open loop equilibria
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