Artikel
Markov Perfect Equilibria in Multi-Mode Differential Games with Endogenous Timing of Mode Transitions
We study Markov perfect equilibria (MPE) of two-player multi-mode differential games with controlled state dynamics, where one player controls the transition between modes. Different types of MPE are characterized distinguishing between delay equilibria, inducing for some initial conditions mode switches after a positive finite delay, and now or never equilibria, under which, depending on the initial condition, a mode switch occurs immediately or never. These results are applied to analyze the MPE of a game capturing the dynamic interaction between two incumbent firms among which one has to decide when to extend its product range by introducing a new product. The market appeal of the new product can be influenced over time by both firms through costly investments. Under a wide range of market introduction costs a now or never equilibrium coexists with a continuum of delay equilibria, each of them inducing a different time of product introduction.
- Sprache
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Englisch
- Erschienen in
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Journal: Dynamic Games and Applications ; ISSN: 2153-0793 ; Volume: 12 ; Year: 2021 ; Issue: 2 ; Pages: 363-393 ; New York, NY: Springer US
- Klassifikation
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Wirtschaft
Stochastic and Dynamic Games; Evolutionary Games; Repeated Games
Oligopoly and Other Imperfect Markets
Innovation and Invention: Processes and Incentives
- Thema
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Multi-mode differential games
Markov perfect equilibrium
Product innovation
Optimal timing
- Ereignis
-
Geistige Schöpfung
- (wer)
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Dawid, Herbert
Gezer, Serhat
- Ereignis
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Veröffentlichung
- (wer)
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Springer US
- (wo)
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New York, NY
- (wann)
-
2021
- DOI
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doi:10.1007/s13235-021-00408-w
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Dawid, Herbert
- Gezer, Serhat
- Springer US
Entstanden
- 2021
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