On a Noncooperative Stochastic Game Played by Internally Cooperating Generations

Andrzej Nowak

Journal of Optimization Theory and Applications, 2010, vol. 144, issue 1, No 8, 88-106

Abstract: Abstract We study a model of intergenerational stochastic game with general state space in which each generation consists of n players. The main objective is to prove the existence of a perfect stationary equilibrium in an infinite-horizon intergenerational game in which cooperation is assumed inside every generation. A suitable change in the terminology used in this paper provides a new equilibrium theorem for stochastic games with so-called “hyperbolic players”. A discussion of perfect equilibria in games of noncooperative generations is also given. Some applications to economic theory are included.

Keywords: Intergenerational stochastic games; Altruistic economy of growth; Perfect equilibria; Hyperbolic discounting (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1007/s10957-009-9588-2

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