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Nash Equilibria In Unconstrained Stochastic Games Of Resource Extraction

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Author Info
ŁUKASZ BALBUS () (Institute of Mathematics and Computer Science, Wrocław University of Technology, Wybrzeże Wyspiańskiego 27, 50-370 Wrocław, Poland)
ANDRZEJ S. NOWAK () (Faculty of Mathematics, Computer Science and Econometrics, University of Zielona Góra, Podgórna 50, 65-246 Zielona Góra, Poland)
Abstract

A class of nonzero-sum symmetric stochastic games of capital accumulation/resource extraction is considered. It is shown that Nash equilibria in the games with some natural constraints are also equilibrium solutions in unconstrained games and dominate in the Pareto sense an equilibrium leading to exhausting the entire resource stock in the first period of the game.

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Publisher Info
Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal International Game Theory Review.

Volume (Year): 10 (2008)
Issue (Month): 01 ()
Pages: 25-35
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Handle: RePEc:wsi:igtrxx:v:10:y:2008:i:01:p:25-35

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Related research
Keywords: Nonzero-sum stochastic games; capital accumulation problems; resource extraction games; Nash equilibrium;

Find related papers by JEL classification:
B4 - Schools of Economic Thought and Methodology - - Economic Methodology
C0 - Mathematical and Quantitative Methods - - General
C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
D5 - Microeconomics - - General Equilibrium and Disequilibrium
D7 - Microeconomics - - Analysis of Collective Decision-Making
M2 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics

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