Existence of SPE in Discounted Stochastic Games; Revisited and Simplified

Yehuda Levy

No 739, Economics Series Working Papers from University of Oxford, Department of Economics

Abstract: Mertens and Parthasarathy (1987) proved the existence of sub-game perfect equilibria in discounted stochastic games. Their method involved new techniques in dynamic programming, which were presented in a very general framework, with no expense spared in highlighting versatility and scope. This paper presents the fundamentals of their technique which are necessary, as well as identifies and elaborates on the components of their method, hence giving the core of the proof in a much more concise, direct, and illuminating manner.

Keywords: Stochastic Games; Equilibrium Existence; Subgame-Perfect Equilibrium (search for similar items in EconPapers)
JEL-codes: C62 C65 C73 (search for similar items in EconPapers)
Date: 2015-01-14
New Economics Papers: this item is included in nep-gth, nep-hpe and nep-ore
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://ora.ox.ac.uk/objects/uuid:8a8b75ed-baac-4d1c-8d83-4decba810079 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oxf:wpaper:739

Access Statistics for this paper

More papers in Economics Series Working Papers from University of Oxford, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Anne Pouliquen ( this e-mail address is bad, please contact ).