A note on topological aspects in dynamic games of resource extraction and economic growth theory

Anna Jaśkiewicz and Andrzej Nowak

Games and Economic Behavior, 2022, vol. 131, issue C, 264-274

Abstract: We show that right-continuous monotone strategies used in Markov perfect equilibria for economic growth models and related dynamic games can be recognised as members of the Hilbert space of square integrable functions of the state variable. We provide an application of this result to a bequest game and point out that this result also holds for the class of left-continuous monotone functions. The result is fundamental for using the Schauder fixed point theorem. Furthermore, it considerably simplifies the classical approach, where such strategies are represented by non-negative measures on the state space.

Keywords: Economic growth model; Bequest game; Monotone strategies; Locally convex space (search for similar items in EconPapers)
JEL-codes: C62 C73 D91 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:gamebe:v:131:y:2022:i:c:p:264-274

DOI: 10.1016/j.geb.2021.11.011

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