A Qualitative Characterization of Symmetric Open-Loop Nash Equilibria in Discounted Infinite Horizon Differential Games

C. Ling () and Michael Caputo
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C. Ling: Southwestern University of Finance and Economics

Journal of Optimization Theory and Applications, 2011, vol. 149, issue 1, No 8, 174 pages

Abstract: Abstract The local stability, steady state comparative statics, and local comparative dynamics of symmetric open-loop Nash equilibria for the ubiquitous class of discounted infinite horizon differential games are investigated. It is shown that the functional forms and values of the parameters specified in a differential game are crucial in determining the local stability of a steady state and, in turn, the steady state comparative statics and local comparative dynamics. A simple sufficient condition for a steady state to be a local saddle point is provided. The power and reach of the results are demonstrated by applying them to two well-known differential games.

Keywords: Symmetric open-loop Nash equilibria; Local stability; Steady state comparative statics; Local comparative dynamics (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1007/s10957-010-9779-x

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