Differential Oligopoly Games where the Closed-Loop Memoryless and Open-Loop Equilibria Coincide

Cellini, Roberto ; Lambertini, Luca (2001) Differential Oligopoly Games where the Closed-Loop Memoryless and Open-Loop Equilibria Coincide. DOI 10.6092/unibo/amsacta/674.
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Abstract

We illustrate two differential oligopoly games using, respectively, the capital accumulation dynamics à la Nerlove-Arrow, and the capital accumulation dynamics à la Ramsey. We prove that these games benefit from the property that closed-loop memoryless solutions degenerate into open-loop solutions, since the best reply of a generic firm is independent of the rivals’ state variables, which entails that the cross effect from rivals’ states to own controls disappears.

Abstract
Tipologia del documento
Monografia (Working paper)
Autori
AutoreAffiliazioneORCID
Cellini, Roberto
Lambertini, Luca
Parole chiave
differential games capital accumulation open-loop equilibria closed-loop equilibria
Settori scientifico-disciplinari
DOI
Data di deposito
17 Giu 2004
Ultima modifica
17 Feb 2016 14:00
URI

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