A note on topological aspects in dynamic games of resource extraction and economic growth theory

• 成果类型: Article
• 署名作者: Jaskiewicz, Anna; Nowak, Andrzej S.
• 署名单位: Wroclaw University of Science & Technology; University of Zielona Gora
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2021.11.011
• 发表日期: 2022
• 页码: 264-274
• 关键词: Economic growth model; Bequest game; monotone strategies; Locally convex space

摘要

We show that right-continuous monotone strategies used in Markov perfect equilibria for economic growth models and related dynamic games can be recognised as members of the Hilbert space of square integrable functions of the state variable. We provide an application of this result to a bequest game and point out that this result also holds for the class of left-continuous monotone functions. The result is fundamental for using the Schauder fixed point theorem. Furthermore, it considerably simplifies the classical approach, where such strategies are represented by non-negative measures on the state space. (c) 2021 Elsevier Inc. All rights reserved.