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On a Noncooperative Stochastic Game Played by Internally Cooperating Generations

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  • A. S. Nowak

    (University of Zielona Góra)

Abstract

We study a model of intergenerational stochastic game with general state space in which each generation consists of n players. The main objective is to prove the existence of a perfect stationary equilibrium in an infinite-horizon intergenerational game in which cooperation is assumed inside every generation. A suitable change in the terminology used in this paper provides a new equilibrium theorem for stochastic games with so-called “hyperbolic players”. A discussion of perfect equilibria in games of noncooperative generations is also given. Some applications to economic theory are included.

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  • A. S. Nowak, 2010. "On a Noncooperative Stochastic Game Played by Internally Cooperating Generations," Journal of Optimization Theory and Applications, Springer, vol. 144(1), pages 88-106, January.
    • Handle: RePEc:spr:joptap:v:144:y:2010:i:1:d:10.1007_s10957-009-9588-2
    DOI: 10.1007/s10957-009-9588-2
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    Cited by:

    1. Balbus, Łukasz & Jaśkiewicz, Anna & Nowak, Andrzej S., 2016. "Non-paternalistic intergenerational altruism revisited," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 27-33.
    2. Jaśkiewicz, Anna & Nowak, Andrzej S., 2014. "Stationary Markov perfect equilibria in risk sensitive stochastic overlapping generations models," Journal of Economic Theory, Elsevier, vol. 151(C), pages 411-447.

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