Download e-book for kindle: A Survey of Dynamic Games in Economics (Surveys on Theories by Ngo Van Long

By Ngo Van Long

ISBN-10: 9814293032

ISBN-13: 9789814293037

This e-book offers readers with a accomplished survey of versions of dynamic video games in economics, together with an intensive insurance of various fields of purposes. it is going to additionally talk about and clarify major innovations and strategies utilized in dynamic video games, and tell readers of its significant advancements whereas equipping them with instruments and concepts that might relief within the formula of options for difficulties. A Survey of Dynamic video games in Economics will curiosity those that desire to examine extra in regards to the conceptions, ways and versions which are utilized within the area of dynamic video games.

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Extra info for A Survey of Dynamic Games in Economics (Surveys on Theories in Economics and Business Administration)

Example text

Empirical Models of Transboundary Pollution Games Empirical models are built with the purpose of quantifying the likely impacts of proposed policies on specific countries for a specific period of time. 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.

Note that this implies that we are assuming that the initial resource stock is large enough, such that R≥ ar δ Dynamic Games in Economics: A Survey 42 At the steady state, the annuity value of marginal damages caused by the stock is just equal to the choke price a: so δZ∞ =a r Let us turn to a more realistic scenario: there is no world social planner, and the two countries are playing a dynamic game between themselves. Wirl assumes simultaneous moves and seeks a feedback Nash equilibrium. ) 0 e−rt WM dt subject to Z˙ = a − φ(Z) − τ and Z(0) = 0, Z(t) ≤ R.

2003) model the dynamic monopoly of Russia in the permit market. Static models of maximizing Russia’s rent include those of Bohringer (2001) and Buchner et al. (2002). Dynamic Games in Economics: A Survey 40 be justified on the grounds that the rate of decay of atmospheric CO2 concentration is very low. 1. Nash equilibrium under costless extraction and non-decaying pollution Wirl (1994) considers a dynamic game between the government of a fossilfuel importing country and a monopolist seller of fossil fuels extracted costlessly from a stock of resource R.

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A Survey of Dynamic Games in Economics (Surveys on Theories in Economics and Business Administration) by Ngo Van Long

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