Efficient equilibria in a differential game of capitalism
From MaRDI portal
Publication:1099096
One considers a differential game of capitalism `à la Lancaster'. Feedback Nash equilibria and Pareto optimal solutions are characterized under the assumption that the planning horizon is infinite. It is then shown that, by combining a Pareto optimal solution with the Nash feedback equilibrium strategy pair, which plays the role of a threat, one can obtain an efficient equilibrium which is also subgame perfect in the sense of Selten. This result modifies sensibly the previous interpreation of the inherent inefficiency of capitalism.
Recommendations
- The feedback equilibria of a differential game of capitalism
- Note on ``Nash and Stackelberg solutions in a differential game model of capitalism
- Multicriterion differential games
- Nash and Stackelberg solutions in a differential game model of capitalism
- Capital accumulation games of infinite duration
Cites work
- A concept of cooperative equilibrium for dynamic games
- A Non-cooperative Equilibrium for Supergames
- Additional aspects of the Stackelberg strategy in nonzero-sum games
- Bargaining on whales: A differential game model with Pareto optimal equilibria
- Collusive behavior in noncooperative epsilon-equilibria of oligopolies with long but finite lives
- Cooperative equilibria in differential games
- Counterexample in linear-quadratic games: Existence of nonlinear Nash solutions
- Definition and properties of cooperative equilibria in a two-player game of infinite duration
- Distribution and Growth as a Differential Game between Workers and Capitalists
- Equilibria and threats in a fishery management game
- scientific article; zbMATH DE number 3849083 (Why is no real title available?)
- scientific article; zbMATH DE number 3860917 (Why is no real title available?)
- scientific article; zbMATH DE number 3875011 (Why is no real title available?)
- scientific article; zbMATH DE number 3941309 (Why is no real title available?)
- scientific article; zbMATH DE number 4027139 (Why is no real title available?)
- scientific article; zbMATH DE number 3596615 (Why is no real title available?)
- scientific article; zbMATH DE number 3599745 (Why is no real title available?)
- scientific article; zbMATH DE number 3365084 (Why is no real title available?)
- Monitoring Cooperative Agreements in a Repeated Principal-Agent Relationship
- Nash and Stackelberg solutions in a differential game model of capitalism
- Noncooperative Collusion under Imperfect Price Information
- Reexamination of the perfectness concept for equilibrium points in extensive games
- Tractable classes of nonzero-sum open-loop Nash differential games: Theory and examples
Cited in
(31)- On price characterization and Pareto-efficiency of game equilibrium growth
- Dynamic oligopoly with capacity adjustment costs
- The endogenous stability of economic systems
- Note on ``Nash and Stackelberg solutions in a differential game model of capitalism
- Efficiency and equity in dynamic principal-agent problems
- On differential games with Markov perfect triggering
- Can negotiations prevent fish wars?
- Commitment and coordination in a dynamic game model of international economic policy-making
- Capital accumulation and income distribution as the outcome of a dynamic game
- Nash equilibria in a differential game of economic growth
- Endogenous duration of long-term agreements in cooperative dynamic games with nontransferable utility
- Does flexibility facilitate sustainability of cooperation over time? A case study from environmental economics
- A cooperative incentive equilibrium for a resource management problem
- Cooperation in the commons
- scientific article; zbMATH DE number 4018817 (Why is no real title available?)
- Incentive equilibrium strategies in dynamic games played over event trees
- Economic Development and Agreeable Redistribution in Capitalism: Efficient Game Equilibria in a Two-Class Neoclassical Growth Model
- On exploitation in a class of differentiable mixed markets
- Sustainability of Cooperation in Dynamic Games Played over Event Trees
- Game theoretic formalization of the concept of sustainable development in the hierarchical control systems
- Time consistency, subgame perfectness, solution concepts and information patterns in dynamic models of stabilization policies
- Non-linear incentive equilibrium strategies for a transboundary pollution differential game
- Buying cooperation in an asymmetric environmental differential game
- Time Consistency in Cooperative Differential Games: A Tutorial
- Payment schemes for sustaining cooperation in dynamic games played over event trees
- The dynamic efficiency of capitalism
- Payment schemes for finitely repeated prisoner's dilemma games
- The feedback equilibria of a differential game of capitalism
- Credibility of incentive equilibrium strategies in linear-state differential games
- Efficient Markov perfect Nash equilibria: theory and application to dynamic fishery games
- A stochastic differential game of capitalism
This page was built for publication: Efficient equilibria in a differential game of capitalism
Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q1099096)
