Arbeitspapier
All Symmetric Equilibria in Differential Games with Public Goods
We characterise the entire set of symmetric stationary Markov-perfect Nash equilibria (MPE) in a differential game of public good investment, using the canonical problem of climate change as an example. We provide a sufficient and necessary condition for MPE and show how the entire set of MPE is constructed. The equilibrium in continuous strategies, unique in our context, is Pareto-dominated by any other equilibrium. If a Pareto-undominated steady state exists, it is sustained by trigger-like strategies, with deviations above and below the steady state leading to different responses. We extend the theory of differential games to deal with payoffs under discontinuous strategies. Our methods work under general functional forms.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 8246
- Klassifikation
-
Wirtschaft
Optimization Techniques; Programming Models; Dynamic Analysis
Stochastic and Dynamic Games; Evolutionary Games; Repeated Games
Micro-Based Behavioral Economics: General‡
Climate; Natural Disasters and Their Management; Global Warming
- Thema
-
differential games
Markov-perfect Nash equilibrium
dynamic investment games
dynamic public goods
climate change
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Jaakkola, Niko
Wagener, Florian O.O.
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Jaakkola, Niko
- Wagener, Florian O.O.
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2020
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