Discrete-Time Ergodic Mean-Field Games with Average Reward on Compact Spaces

Piotr Więcek ()
Additional contact information
Piotr Więcek: Wrocław University of Science and Technology

Dynamic Games and Applications, 2020, vol. 10, issue 1, No 11, 222-256

Abstract: Abstract We present a model of discrete-time mean-field game with compact state and action spaces and average reward. Under some strong ergodicity assumption, we show it possesses a stationary mean-field equilibrium. We present an example showing that in general an equilibrium for this game may not be a good approximation of Nash equilibria of the n-person stochastic game counterparts of the mean-field game for large n. Finally, we identify two cases when the approximation is good.

Keywords: Mean-field game; Anonymous game; Stochastic game; Average reward; Ergodic reward; Stationary equilibrium; Geometric ergodicity (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/s13235-019-00296-1 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:dyngam:v:10:y:2020:i:1:d:10.1007_s13235-019-00296-1

Ordering information: This journal article can be ordered from
http://www.springer.com/economics/journal/13235

DOI: 10.1007/s13235-019-00296-1

Access Statistics for this article

Dynamic Games and Applications is currently edited by Georges Zaccour

More articles in Dynamic Games and Applications from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().