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

By Ngo Van Long

This booklet presents readers with a finished survey of types of dynamic video games in economics, together with an intensive insurance of various fields of functions. it is going to additionally talk about and clarify major strategies and methods utilized in dynamic video games, and tell readers of its significant advancements whereas equipping them with instruments and concepts that may reduction within the formula of suggestions for difficulties. A Survey of Dynamic video games in Economics will curiosity those that desire to examine extra concerning the conceptions, ways and types which are utilized within the area of dynamic video games.

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

Example text

So, they behave like duopolists in an exhaustible resource market (here, the resource stocks are x1 (t) and x2 (t)). The authors assume that neither China nor Russia care about the damage cost of global warming. 8 This is a difference emissions in another Annex B country. Through IET, an Annex B country may sell emission credits to another Annex B country. 7 After the disintegration of the Soviet Union, Russia experienced a sharp decline in output, which gives rise to emission credits. These are called hot air because they are available at no cost.

2) subject to ˙ S(t) = Ei (t) + φOL j (t) − δS(t), S(0) = S0 . 3) This is a simple optimal control problem, where φOL j (t) is taken as an exogenously given time path. 2), and ψi be the co-state variable. 4), and thus we get the following conditions −(E˙ i − ρ(Ei − Ai )) = −ci S − δ(Ei − Ai ) S˙ = Ei + φOL − δS, j S(0) = S0 lim e−ρt (Ei (t) − Ai )S(t) = 0. t→∞ 10 See, for example, Kamien and Schwartz (1991) or L´eonard and Long (1992). 12) t→∞ t→∞ This is a system of three differential equations with three boundary conditions.

This formulation assumes that Annex B countries do not take expected future prices of permits into account when they form their current demand. 2) Both China and Russia know that they can influence the price of permits. So, they behave like duopolists in an exhaustible resource market (here, the resource stocks are x1 (t) and x2 (t)). The authors assume that neither China nor Russia care about the damage cost of global warming. 8 This is a difference emissions in another Annex B country. Through IET, an Annex B country may sell emission credits to another Annex B country.

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