Existence and properties of equilibria for a dynamic game on productive assets
成果类型：
Article
署名作者：
Dockner, EJ; Sorger, G
署名单位：
University of Vienna
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.0115
发表日期：
1996
页码：
209-227
关键词：
摘要：
We consider a model in which two agents share access to the same stock of a productive asset and study the implications of non-cooperative consumption behavior over time. Under standard assumptions on the production function we construct infinitely many Nash equilibria, all of which consist of stationary Markovian strategies. These equilibria result in overconsumption so that the uniquely determined long-run asset stock is too low as compared to the cooperative solution. However, in the limit as the discount rate becomes sufficiently small the stead states generated by the Markovian Nash equilibria converge to the efficient steady state. (C) 1996 Academic Press, Inc.