A strategic market game with active bankruptcy (Q1590380)
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scientific article; zbMATH DE number 1547602
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| English | A strategic market game with active bankruptcy |
scientific article; zbMATH DE number 1547602 |
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A strategic market game with active bankruptcy (English)
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26 October 2001
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The authors study a mathematical model of a macroeconomic system including one nondurable commodity, countably many time periods and a continuum of agents. It is a stochastic model, for individual agents' endowments fluctuate in a random fashion from period to period. A special type of equilibrium, called ``stationary Markov equilibrium'', is investigated. A single agent is faced with an optimization problem. The latter is considered as a discounted dynamic programming problem, solved by using Bellman's method. The way of constructing a stationary Markov equilibrium is provided. Some examples are considered where the one-person game and the stationary Markov equilibrium are calculated explicitly.
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strategic market game
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Markov equilibrium
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optimization problem
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0.817075788974762
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0.817075788974762
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0.8052958250045776
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0.783065140247345
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0.7667516469955444
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