Comparing Open-Loop with Markov Equilibria in a Class of Differential Games
Koji Shimomura and
Harutaka Takahashi ()
CIRANO Working Papers from CIRANO
We consider a class of differential games with transition equations that are homogeneous of degree one. For any game G with a discount rate r, consider a Markov perfect equilibrium (MPE) with strategies that are linear in the state variables. We show that the time paths of the control variables of this equilibrium constitute an open-loop equilibrium of a corresponding game Classification-JEL: C72; C73; Q30
Keywords: Differential games; Markov perfect equilibria; open-loop equilibria; Jeux différentiels; équilibre Markov-parfait; équilibre en boucle ouverte (search for similar items in EconPapers)
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Journal Article: Comparing Open-loop With Markov Equilibria in a Class of Differential Games (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:cir:cirwor:97s-22
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