COMPARATIVE STUDIES ON COOPERATIVE STOCHASTIC DIFFERENTIAL GAME AND DYNAMIC SEQUENTIAL GAME OF ECONOMIC MATURITY

Darong Dai () and Jun Yin ()
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Darong Dai: Department of Economics, Nanjing University, China, Postal: CN
Jun Yin: Department of Economics, Nanjing University, China, Postal: CN

Theoretical and Practical Research in the Economic Fields, 2013, vol. 4, issue 1, 25-60

Abstract: In the paper, we are encouraged to investigate the effect of game structure imposed on the minimum-time needed to economic maturity in a dynamic macroeconomic model. Indeed, we have established a basic framework for the comparative study of the cooperative stochastic differential game and dynamic sequential game of economic maturity. Moreover, in a simple stochastic growth model, closed-form solution of the minimum-time needed to economic maturity has been derived with the explicit condition, under which it is confirmed that cooperation between the representative household and the self-interested politician will definitely lead us to much faster economic maturity than that of sequential action, supplied, too. Finally, our model supports the comparative study of the minimum-time needed to economic maturity under different political-institution constraints.

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:srs:jtpref:v:4:y:2013:i:1:p:25-60

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