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Indeterminacy of Ramsey Model Under Heterogeneous Time Preference, Transversality Condition Issues, Theories of Price Level and Uniform Rate of Interest

Kim, Bryce - 2016

This paper presents a simple Ramsey-type model example where two infinitely-living agents have same utility function except for time preference, and shows that equilibrium is indeterminate that is to be interpreted as being non-existent. The issues regarding New Keynesian transversality...

Persistent link: https://www.econbiz.de/10012982564

Computing integral solutions of complementarity problems

Laan, Gerard van der; Talman, Dolf; Yang, Zaifu - 2004

In this paper an algorithm is proposed to find an integral solution of (nonlinear) complementarity problems. The algorithm starts with a nonnegative integral point and generates a unique sequence of adjacent integral simplices of varying dimension. Conditions are stated under which the algorithm...

Persistent link: https://www.econbiz.de/10011343323

Time inconsistent stochastic control in continuous time : theory and examples

Björk, Tomas; Khapko, Mariana; Murgoci, Agatha - 2016

In this paper, which is a continuation of a previous discrete time paper, we develop a theory for continuous time stochastic control problems which, in various ways, are time inconsistent in the sense that they do not admit a Bellman optimality principle. We study these problems within a game...

Persistent link: https://www.econbiz.de/10011646331

Feedback Stackelberg Solutions of Infinite-Horizon Stochastic Differential Games

Bensoussan, Alain; Chen, Shaokuan; Sethi, Suresh - 2014

We present a sufficient condition for a feedback Stackelberg equilibrium of a stochastic differential game on an infinite horizon. This condition gives rise to a system of elliptic partial differential equations involving a static Stackelberg game at the level of Lagrangian. As an example, we...

Persistent link: https://www.econbiz.de/10014040108

N-Person Dynamic Oligopoly : The Case of Conjectured Price Variations Under Certainty

Von zur Mühlen, Peter - 2022

This paper derives the dynamic implications for price setting in an Edgeworth oligoppoly game with N2 competitors. The impetus to the dynamic game are "conjectured" variations in the prices set by competing firms whereby each firm expresses its belief that a decrease in its own price will be met...

Persistent link: https://www.econbiz.de/10013403842

Economic Growth and Redistribution : Evidence from Dynamic Games

Sampi Bravo, James Robert - 2020

This work is based on a differential game proposed by Kelvin Lancaster. The game between two agents called workers and capitalists is based on the accumulation and redistribution of benefits among social classes concluding that cooperative outcomes outperform non-cooperative. This approach...

Persistent link: https://www.econbiz.de/10012857378

Shallow Lake Economics Run Deep: Nonlinear Aspects of an Economic-Ecological Interest Conflict

Wagener, F.O.O. - 2009

Outcomes of the shallow lake interest conflict are presented in a number of different contexts: quasi-static and dynamic social planning, and quasi-static one-shot and repeated non-cooperative play. As the underlying dynamics are non-convex, the analysis uses geometrical-numerical methods: the...

Persistent link: https://www.econbiz.de/10010325925

Shallow lake economics run deep : nonlinear aspects of an economic-ecological interest conflict

Wagener, Florian Oskar Ottokar - 2011

Persistent link: https://www.econbiz.de/10011378127

Markov perfection and cooperation in repeated games

Stähler, Frank - 1996

Markov perfection has become the usual solution concept to determine the non-cooperative equilibrium in a dynamic game. However, Markov perfection is a stronger solution concept than subgame perfection: Markov perfection rules out any cooperation in a repeated prisoners' dilemma game because the...

Persistent link: https://www.econbiz.de/10010275348

Can integrity replace institutions? : theory and evidence

Aharonovitz, Gilad D.; Skuza, Nathan; Fahs, Faysal - 2009

Institutions are important for proper economic performance, but are replaceable by trust or other social norms. We show … that when proper institutions and trust are missing, integrity of the individuals can replace them. We construct a model of … a transactions-based economy with contracts preceding the transactions, and show that any one of (1) institutions, (2 …

Persistent link: https://www.econbiz.de/10010265978

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