Markov-perfect Nash equilibria in models with a single capital stock

Engelbert Dockner and Florian Wagener

No 08-09, CeNDEF Working Papers from Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance

Abstract: Many economic problems can be formulated as dynamic games in which strategically interacting agents choose actions that determine the current and future levels of a single capital stock. We study necessary conditions that allow us to characterise Markov perfect Nash equilibria for these games. These conditions result in an auxiliary system of ordinary differential equations that helps us to explore stability, continuity and differentiability of these equilibria. The techniques are used to derive detailed properties of Markov-perfect Nash equilibria for several games including the exploitation of a finite resource, the voluntary investment in a public capital stock, and the inter-temporal consumption of a reproductive asset.

Date: 2008
New Economics Papers: this item is included in nep-gth
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Related works:
Journal Article: Markov perfect Nash equilibria in models with a single capital stock (2014)
Working Paper: Markov=Perfect Nash Equilibria in Models With a Single Capital Stock (2013)
Working Paper: Markov-Perfect Nash Equilibria in Models With a Single Capital Stock (2006)
Working Paper: Markov-Perfect Nash Equilibria in Models with a Single Capital Stock (2006)
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