Cooperation, Correlation and Competition in Ergodic $N$-player Games and Mean-field Games of Singular Controls: A Case Study

Federico Cannerozzi and Giorgio Ferrari

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Abstract: We consider ergodic symmetric $N$-player and mean-field games of singular control in both cooperative and competitive settings. The state process dynamics of a representative player follow geometric Brownian motion, controlled additively through a nondecreasing process. Agents aim to maximize a long-time average reward functional with instantaneous profit of power type. The game shows strategic complementarities, in that the marginal profit function is increasing with respect to the dynamic average of the states of the other players, when $N

Date: 2024-04
New Economics Papers: this item is included in nep-gth
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