On the saddle-point stability for a class of dynamic games (Q911492): Difference between revisions
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Latest revision as of 11:08, 30 July 2024
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English | On the saddle-point stability for a class of dynamic games |
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On the saddle-point stability for a class of dynamic games (English)
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1990
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We study the stability properties of the class of capital accumulation games introduced by \textit{Ch. Fershtman} and \textit{E. Muller} [J. Econ. Theory 33, 322-339 (1984; Zbl 0541.90006)]. Both discrete and continuous time versions are discussed. It is shown that the open-loop Nash equilibrium solutions for both games are characterized by a general saddle-point property, a result best known from the turnpike literature in optimal growth theory. In the case of zero discount rates, an even stronger result can be derived: As long as the Hessian matrix of the instantaneous profit functions has a quasi-dominant diagonal, no pure imaginary roots are possible.
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stability properties
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capital accumulation games
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open-loop Nash equilibrium solutions
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saddle-point
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continuous-time
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