scholarly journals Numerical Analysis of Markov-Perfect Equilibria with Multiple Stable Steady States: A Duopoly Application with Innovative Firms

2016 ◽  
Author(s):  
Herbert Dawid ◽  
Michel Yevenunye Keoula ◽  
Peter M. Kort
Keyword(s):  
Numerical Analysis ◽  
Steady States ◽  
Markov Perfect ◽  
Innovative Firms ◽  
Perfect Equilibria

scholarly journals Robust Markov perfect equilibria

2014 ◽  
Vol 419 (2) ◽  
pp. 1322-1332 ◽  
Author(s):  
Anna Jaśkiewicz ◽  
Andrzej S. Nowak
Keyword(s):  
Markov Perfect ◽  
Perfect Equilibria

scholarly journals Markov decision processes with quasi-hyperbolic discounting

2020 ◽  
Author(s):  
Anna Jaśkiewicz ◽  
Andrzej S. Nowak
Keyword(s):  
Markov Decision Processes ◽  
Dynamic Game ◽  
Hyperbolic Discounting ◽  
Decision Processes ◽  
State Spaces ◽  
Long Run ◽  
Markov Perfect ◽  
Markov Decision ◽  
Time Inconsistent ◽  
Perfect Equilibria

AbstractWe study Markov decision processes with Borel state spaces under quasi-hyperbolic discounting. This type of discounting nicely models human behaviour, which is time-inconsistent in the long run. The decision maker has preferences changing in time. Therefore, the standard approach based on the Bellman optimality principle fails. Within a dynamic game-theoretic framework, we prove the existence of randomised stationary Markov perfect equilibria for a large class of Markov decision processes with transitions having a density function. We also show that randomisation can be restricted to two actions in every state of the process. Moreover, we prove that under some conditions, this equilibrium can be replaced by a deterministic one. For models with countable state spaces, we establish the existence of deterministic Markov perfect equilibria. Many examples are given to illustrate our results, including a portfolio selection model with quasi-hyperbolic discounting.

scholarly journals Existence of Stationary Markov Perfect Equilibria in Stochastic Altruistic Growth Economies

2014 ◽  
Vol 165 (1) ◽  
pp. 295-315 ◽  
Author(s):  
Łukasz Balbus ◽  
Anna Jaśkiewicz ◽  
Andrzej S. Nowak
Keyword(s):  
Markov Perfect ◽  
Perfect Equilibria

scholarly journals Common Information Based Markov Perfect Equilibria for Linear-Gaussian Games with Asymmetric Information

2014 ◽  
Vol 52 (5) ◽  
pp. 3228-3260 ◽  
Author(s):  
Abhishek Gupta ◽  
Ashutosh Nayyar ◽  
Cédric Langbort ◽  
Tamer Başar
Keyword(s):  
Asymmetric Information ◽  
Common Information ◽  
Markov Perfect ◽  
Perfect Equilibria
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