NASH EQUILIBRIA IN UNCONSTRAINED STOCHASTIC GAMES OF RESOURCE EXTRACTION

Łukasz Balbus and Andrzej Nowak

International Game Theory Review (IGTR), 2008, vol. 10, issue 01, 25-35

Abstract: A class of nonzero-sum symmetric stochastic games of capital accumulation/resource extraction is considered. It is shown that Nash equilibria in the games with some natural constraints are also equilibrium solutions in unconstrained games and dominate in the Pareto sense an equilibrium leading to exhausting the entire resource stock in the first period of the game.

Keywords: Nonzero-sum stochastic games; capital accumulation problems; resource extraction games; Nash equilibrium (search for similar items in EconPapers)
JEL-codes: B4 C0 C6 C7 D5 D7 M2 (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1142/S0219198908001753

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