Searching Market Equilibria under Uncertain Utilities

A.V. Kryazhimskii, A. Nentjes, S. Shibayev and A.M. Tarasyev

Working Papers from International Institute for Applied Systems Analysis

Abstract: Our basic model is a noncooperative multi-player game in which the governments of neighboring counties trade emission reductions. We prove the existence of a market equilibrium (combining properties of Pareto and Nash equilibria) and study algorithms of searching a market equilibrium. The algorithms are interpreted as repeated auctions in which the auctioneer has no information on countries' costs and benefits and every government has no information on the costs and benefits of other countries. In each round of the auction, the auctioneer offers individual prices for emission reductions and observes countries' best replies. We consider several auctioneer's policies and provide conditions that guarantee approaching a market equilibrium. From a game-theoretical point of view, the repeated auction describes a process of learning in a noncooperative repeated game with incomplete information.

Date: 1998-02
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.iiasa.ac.at/Publications/Documents/IR-98-007.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.iiasa.ac.at/Publications/Documents/IR-98-007.pdf [301 Moved Permanently]--> https://www.iiasa.ac.at/Publications/Documents/IR-98-007.pdf [301 Moved Permanently]--> https://iiasa.ac.at//Publications/Documents/IR-98-007.pdf [302 Found]--> https://iiasa.ac.at/Publications/Documents/IR-98-007.pdf)
http://www.iiasa.ac.at/Publications/Documents/IR-98-007.ps (application/postscript)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.iiasa.ac.at/Publications/Documents/IR-98-007.ps [301 Moved Permanently]--> https://www.iiasa.ac.at/Publications/Documents/IR-98-007.ps [301 Moved Permanently]--> https://iiasa.ac.at//Publications/Documents/IR-98-007.ps [302 Found]--> https://iiasa.ac.at/Publications/Documents/IR-98-007.ps)

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:wop:iasawp:ir98007

Access Statistics for this paper

More papers in Working Papers from International Institute for Applied Systems Analysis Contact information at EDIRC.
Bibliographic data for series maintained by Thomas Krichel ().