Two-Stage Market with a Random Factor

Ekaterina Daylova () and Alexander Vasin ()
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Ekaterina Daylova: Lomonosov Moscow State University
Alexander Vasin: Lomonosov Moscow State University

A chapter in Operations Research Proceedings 2012, 2014, pp 217-223 from Springer

Abstract: Abstract We construct and investigate a mathematical model of a two-stage market. Strategies that correspond to the subgame perfect equilibrium are determined depending on the parameters of the model. We compare the subgame perfect equilibrium with the Nash equilibrium of a one-stage model. The main contribution is a consideration of a random factor that affects the outcome in the spot market.

Keywords: Nash Equilibrium; Reserve Price; Subgame Perfect Equilibrium; Spot Market; Forward Market (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:oprchp:978-3-319-00795-3_32

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DOI: 10.1007/978-3-319-00795-3_32

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