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Slow and steady wins the race: approximating Nash equilibria in nonlinear quadratic tracking games

Dmitri Blueschke (), Viktoria Blüschke-Nikolaeva and Ivan Savin
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Viktoria Blüschke-Nikolaeva: Alpen-Adria Universität Klagenfurt, Austria

No 2015-011, Jena Economic Research Papers from Friedrich-Schiller-University Jena

Abstract: We propose a meta-heuristic approach for solving nonlinear dynamic tracking games. In contrast to more 'traditional' methods based on linear-quadratic (LQ) techniques, this derivative-free method is very flexible (e.g. to introduce inequality constraints). The meta-heuristic is applied to a three-player dynamic game and tested versus derivative-dependent method in approximating Nash solution in different game specifications. We demonstrate the superiority of the proposed approach in identifying Nash equilibria, where LQ methods are not applicable.

Keywords: Dynamic games; Nash equilibrium; Differential Evolution (search for similar items in EconPapers)
JEL-codes: C61 C63 C72 C73 E61 (search for similar items in EconPapers)
Date: 2015-07-10
New Economics Papers: this item is included in nep-gth, nep-hpe, nep-mac and nep-ore
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