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Process Spillovers and Growth: A Comment on the Existence of a Stable Closed-Loop Nash Equilibrium

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  • Shravan Luckraz

    (Bond University)

Abstract

In a recent paper Luckraz (J. Optim. Theory Appl. 139:315–335, 2008) develops a differential game model to show that a lack of intellectual property protection can improve economic growth in economies, where large technology gaps prevail. However, this conclusion depends crucially on the fact that the closed-loop equilibrium of the model degenerates to the open-loop equilibrium. This note generalizes the results of Luckraz by formulating a setup in which the closed-loop equilibrium does not degenerate to the open-loop equilibrium of the differential game.

Suggested Citation

  • Shravan Luckraz, 2011. "Process Spillovers and Growth: A Comment on the Existence of a Stable Closed-Loop Nash Equilibrium," Journal of Optimization Theory and Applications, Springer, vol. 149(1), pages 229-237, April.
    • Handle: RePEc:spr:joptap:v:149:y:2011:i:1:d:10.1007_s10957-010-9781-3
    DOI: 10.1007/s10957-010-9781-3
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