We study Markov-perfect Nash equilibria (MPNE) of a Ramsey-Cass-Koopmans economy in which households are aware of their influence on prices. The Ramsey conjecture fails to hold such that households other than the most patient one own positive wealth in the steady state. This confirms results that have been derived in the same model using an openloop equilibrium concept. In contrast to the compe...

We discuss an analytically tractable discrete-time dynamic game in which a finite number of players extract a renewable resource. We characterize a symmetric Markov-perfect Nash equilibrium of this game and derive a necessary and sufficient condition under which the resource does not become extinct in equilibrium. This condition requires that the intrinsic growth rate of the resource exceeds a ...

This paper derives a preemptive equilibrium in strategic investment in alternative projects. The problem is formulated in a real options model with a multidimensional state variable that represents project-specific uncertainty. The proposed method enables us to evaluate the value of potential alternatives. The results not only extend previous studies with a one-dimensional state variable but al...

This paper considers a general class of discounted Markov stochastic games characterized by multidimensional state and action spaces with an order structure, and one-period rewards and state transitions satisfying some complementarity and monotonicity conditions. Existence of pure-strategy Markov (Markov-stationary) equilibria for the …nite (in…nite) horizon game, with nondecreasing –and possib...

This paper analyzes a stochastic model of evolution in normal form games. The long-run behavior of individuals in this model is investigated in the limit where mutation rates tend to zero, while the expected number of mutations, and hence population sizes, tend to infinity. It is shown that weakly dominated strategies do not survive evolution. Also strategies which are not rationalizable in the...

This paper seeks to explore non neutrality of money in the dispersion of transition process following an unanticipated money injection. It examines the responses of the output and nominal price to shocks. We show that a certain class of money injection schemes will induce quantitatively significant and persistent response in output, sluggish price adjustment, and a short-run negatively-sloped P...

I investigate two versions of a differential Cournot oligopoly game with nonrenewable resource exploitation, in which each firm may either exploit its own private pool or exploit a common pool jointly with the rivals. Firms use a deterministic technology to invest in exploration activities. In both models, there emerges that (i) the individual exploration effort is higher when each firms has ex...

Infinite time horizon stationary cooperative games are considered where at each date the instantaneous NTU-game is determined by the state of nature. The strong sequential core selects those utility streams that no coalition can improve upon by deviating at any moment in time. The main result of the paper states that the strong sequential core is non-empty provided that (i) the instantaneous NT...

We experimentally study decentralized organizational learning. Our objective is to understand how learning members of an organization cope with the confounding effects of the simultaneous learning of others. We test the predictions of a stylized, rational agent model of organizational learning that provides sharp predictions as to how learning members of an organization might cope with the simu...

We consider a simple model of stochastic evolution in population games. In our model, each agent occasionally receives opportunities to update his choice of strategy. When such an opportunity arises, the agent selects a strategy that is currently optimal, but only after his payoffs have been randomly perturbed. We prove that the resulting evolutionary process converges to approximate Nash equil...