Stochastic Games in Economics: the Lattice-theoretic Approach
نویسنده
چکیده
This chapter considers a recent trend in the application of stochastic games to economics characterized by the use of the latticetheoretic approach to capture the monotonic properties of Markovian equilibria. The topics covered are: (i) a general framework for discounted stochastic games with Lipschitz-continuous and monotone equilibrium strategies and values, (ii) a model of capital accumulation, and (iii) two classes of games with perfect information: strategic bequests and oligopoly with commitment. In view of the restriction to pure-strategy equilibria and of the natural monotonicity property of strategies and value functions in most economic applications, this approach appears most promising.
منابع مشابه
Core Discussion Paper 2001/59 Stochastic Games in Economics: the Lattice-theoretic Approach
This chapter considers a recent trend in the application of stochastic games to economics characterized by the use of the lattice-theoretic approach to capture the monotonic properties of Markovian equilibria. The topics covered are: (i) a general framework for discounted stochastic games with Liptchitz-continuous and monotone equilibrium strategies and values, (ii) a model of capital accumulat...
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