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Nash Equilibria In Unconstrained Stochastic Games Of Resource Extraction

Author

Listed:
  • 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.

Suggested Citation

  • Łukasz Balbus & Andrzej S. Nowak, 2008. "Nash Equilibria In Unconstrained Stochastic Games Of Resource Extraction," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 10(01), pages 25-35.
    • Handle: RePEc:wsi:igtrxx:v:10:y:2008:i:01:n:s0219198908001753
    DOI: 10.1142/S0219198908001753
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    More about this item

    Keywords

    Nonzero-sum stochastic games; capital accumulation problems; resource extraction games; Nash equilibrium;
    All these keywords.

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C0 - Mathematical and Quantitative Methods - - General
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • 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; Personnel Economics - - Business Economics

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