Degenerate Feedback and Time Consistency in Dynamic Games

Cellini, Roberto ; Lambertini, Luca ; Leitmann, George (2005) Degenerate Feedback and Time Consistency in Dynamic Games. Bologna: Dipartimento di Scienze economiche DSE, p. 19. DOI 10.6092/unibo/amsacta/4755. In: Quaderni - Working Paper DSE (535). ISSN 2282-6483.
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Abstract

This paper analyses the time consistency of open-loop equilibria, in the cases of Nash and Stackelberg behaviour. We define a class of games where the strong time-consistency of the open-loop Nash equilibrium associates with the time consistency of the open-loop Stackelberg equilibrium. We label these games as `perfect uncontrollable' and provide two examples based on (i) a model where firms invest so as to increase consumers' reservation prices, based upon Cellini and Lambertini (CEJOR, 2003); and (ii) a model where firms compete to increase their respective market shares, based upon Leit- mann and Schmitendorf (IEEE Transactions on Automatic Control, 1978).

Abstract
Tipologia del documento
Monografia (Working paper)
Autori
AutoreAffiliazioneORCID
Cellini, Roberto
Lambertini, Luca
Leitmann, George
Parole chiave
differential games, open-loop equilibria, time consistency, subgame perfection
Settori scientifico-disciplinari
ISSN
2282-6483
DOI
Data di deposito
18 Mar 2016 10:14
Ultima modifica
18 Mar 2016 10:15
URI

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