A Survey of Dynamic Games in Economics (Surveys on Theories by Ngo Van Long

By Ngo Van Long

This ebook presents readers with a finished survey of types of dynamic video games in economics, together with an in depth assurance of diverse fields of functions. it's going to additionally speak about and clarify major thoughts and methods utilized in dynamic video games, and tell readers of its significant advancements whereas equipping them with instruments and concepts that would reduction within the formula of strategies for difficulties. A Survey of Dynamic video games in Economics will curiosity those that desire to examine extra concerning the conceptions, ways and versions which are utilized within the area of dynamic video games.

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Real-world data are used to calibrate parameters of demand and cost functions. The equilibrium paths of the model are then solved by numerical methods. Early empirical models include those of Kaitala et al. (1991, 1992a,b and 1995). These papers deal with transboundary pollution and acid rain games involving a number of countries, including Finland and Russia. Bernard et al. 6 Russia has a stock of permits x1 (t) that 3 See Dockner et al. (2000) for a proof of this result for the class of “linear state games”.

Working backward, in period T − 1, again the leader makes the first moves, and the follower responds. 20 However, in general, the concept of FBSE does not require that in each period the leader takes an action before the follower can move. ”The main difficulty with this “global”Stackelberg leadership is twofold: first, for each Markovian decision rule, we must calculate how the follower will react and second, we must choose from the space of all possible decision rules the one that maximizes the (overall) payoff of the leader.

24). This result corresponds to the identity between the Nash equilibrium in Wirl (1994) and the (stagewise) Stackelberg equilibrium found by Tahvonen (1996, Section 3). What happens if the importing country is the leader? Here, Rubio and Escriche (2001) use an approach that indicates stagewise leadership, not hierarchical leadership. Let us outline their analysis. The exporting country is the follower. At each “period” t, it faces the importer’s tax rate τ (t), which is observed before it chooses the period’s wellhead price p(t).

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