markov perfect equilibrium existence

This result covers various earlier existence results on correlated equilibria, noisy stochastic games, … if the other airline is charging $200 or less, choose randomly between the following three options with equal probability: matching that price, charging $300, or exiting the game by ceasing indefinitely to offer service on this route. Note that because each firm has an incentive to Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals. Wei HeyYeneng Sunz. A small change in payoffs can cause a large change in the set of Markov perfect equilibria. Here we discuss the existence of such equilib-ria. Thus, a realistic general equilibrium model would be unlikely to result in nearly identical prices. Of course, one would like to get a … Submitting a report will send us an email through our customer support system. Include any more information that will help us locate the issue and fix it faster for you. Consequently, a Markov perfect equilibrium of a dynamic stochastic game must satisfy the conditions for Nash equilibrium of a certain family of reduced one-shot games. Then under stronger assumptions in sec-tion4we propose a direct method for Markov Stationary Nash equilibrium existence, and computation. To subscribe to email alerts, please log in first, or sign up for a DeepDyve account if you don’t already have one. Here’s an existence result: … This, in turn, requires that an equilibrium exists. Markov-perfect equilibrium with this monotonicity exists, then it is essentially unique. We'll do our best to fix them. To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one. Assume now that both airlines follow this strategy exactly. Abstract The existence of stationary Markov perfect equilibria in stochastic games is shown under a general condition called \(decomposable) coarser transition kernels". Find any of these words, separated by spaces, Exclude each of these words, separated by spaces, Search for these terms only in the title of an article, Most effective as: LastName, First Name or Lastname, FN, Search for articles published in journals where these words are in the journal name, /lp/springer-journals/markov-perfect-equilibrium-existence-for-a-class-of-undiscounted-PiKIIMGQoE, Subgame-Perfect Equilibria of Finite and In(r)nite-Horizon Games, Existence and Characterization of Perfect Equilibrium in Games of Perfect Information, Perfect Equilibrium Histories of Finite and Infinite-Horizon Games, On the Open-Loop Nash Equilibrium in LQ Games, Existence and Discovery of Average Optimal Solutions in Deterministic Infinite-Horizon Optimization, A Theory of Dynamic Oligopoly, II: Price Competition, Kinked Demand Curves, and Edgeworth Cycles, A Note on the Markov Perfect Equilibrium of a Linear-Quadratic Alternating Move Game, Markov Perfect Equilibrium Existence for a Class of Undiscounted Infinite-Horizon Dynamic Games, http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png, Journal of Optimization Theory and Applications, http://www.deepdyve.com/lp/springer-journals/markov-perfect-equilibrium-existence-for-a-class-of-undiscounted-PiKIIMGQoE. We prove the existence of Markov perfect equilibria (MPE) for nonstationary undiscounted infinite-horizon dynamic games with alternating moves. ∙ Stanford University ∙ 0 ∙ share . A Markov perfect equilibrium with robust agents will be characterized by. obtain the equilibrium existence result via the convenient recursive framework. A characterization of the perfect equilibria of infinite horizon games. To get new article updates from a journal on your personalized homepage, please log in first, or sign up for a DeepDyve account if you don’t already have one. C. Lanier Benkard. If both airlines followed this strategy, it would form a Nash equilibrium in every proper subgame, thus a subgame-perfect Nash equilibrium. perfect equilibria. It has been used in analyses of industrial organization, macroeconomics, and political economy. The firms' objectives are modelled as maximizing the present discounted value of profits.[6]. – Springer Journals. You can see your Bookmarks on your DeepDyve Library. For examples of this equilibrium concept, consider the competition between firms which have invested heavily into fixed costs and are dominant producers in an industry, forming an oligopoly. The agents in the model face a common state vector, the time path of which is influenced by – and influences – their … In section4.4, we present related comparative statics and equilibrium dynamics … Then if each airline assumes that the other airline will follow this strategy, there is no higher-payoff alternative strategy for itself, i.e. Fudenberg D, Tirole J. 03/06/2019 ∙ by Bar Light, et al. it is playing a best response to the other airline strategy. The rest of the paper is organized as follows. This is because a state with a tiny effect on payoffs can be used to carry signals, but if its payoff difference from any other state drops to zero, it must be merged with it, eliminating the possibility of using it to carry signals. [9], This kind of extreme simplification is necessary to get through the example but could be relaxed in a more thorough study. This essentially eliminates the e ect of punishments. Do not surround your terms in double-quotes ("") in this field. In contrast, the existence of an equilibrium in the Ericson & Pakes … Instead, we consider mean field equilibrium (MFE) that has been popularized in the recent literature. However, MPE presents two significant obstacles as an analytical tool, particularly as the number of players grows large. A Markov perfect equilibrium is an equilibrium concept in game theory. They proved the existence of a unique Markov perfect equilibrium (MPE) under certain assumptions and computed its value under the same assumptions. To achieve this goal, the researcher has to be able to compute the stationary Markov-perfect equilibrium using the estimated primitives. our main result, on Markov equilibrium existence and its value set approxi-mation, can be found in section3. It is a refinement of the concept of subgame perfect equilibrium to extensive form games for which a pay-off relevant state space can be identified. In game theory, a subgame perfect equilibrium (or subgame perfect Nash equilibrium) is a refinement of a Nash equilibrium used in dynamic games.A strategy profile is a subgame perfect equilibrium if it represents a Nash equilibrium of every subgame of the original game. It satisfies also the Markov reaction function definition because it does not depend on other information which is irrelevant to revenues and profits. Computable Markov-Perfect Industry Dynamics: Existence, Puriflcation, and Multiplicity⁄ Ulrich Doraszelski Department of Economics, Harvard University, and CEPRy Mark Satterthw However, once we allow the state to stay unchanged … A more complete specification of the game, including payoffs, would be necessary to show that these strategies can form a. Maskin E, Tirole J. It is used to study settings where multiple decision makers interact non-cooperatively over time, each seeking to pursue its own objective. : GAME THEORY AND OPTIMIZATION Markov perfect equilibria in a … This version: August 20, 2016. For multiperiod games in which the action spaces are finite in any period an MPE exists if the number of periods is finite or (with suitable continuity at infinity) infinite. We call such a pair of strategies a Markov Perfect Equilibrium (MPE). Maskin E, Tirole J. Markov Perfect Equilibrium. The existence of stationary Markov perfect correlated equilibria for stochastic games was proved in and.4These papers assumed that there is a randomization device publicly known to all players which is irrelevant … Here we prove the existence of, at least, one such equilibrium in the setting of a … Check all that apply - Please note that only the first page is available if you have not selected a reading option after clicking "Read Article". These proofs are constructive, The authors claim that the market share justification is closer to the empirical account than the punishment justification, and so the Markov perfect equilibrium concept proves more informative, in this case. Assume further that passengers always choose the cheapest flight and so if the airlines charge different prices, the one charging the higher price gets zero passengers. They were placed on your computer when you launched this website. Browse our catalogue of tasks and access state-of-the-art solutions. It is simple and usually easy to interpret. (1985). Multiplicity and selection of equilibria. (1985). Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly. Ann Oper Res (2020) 287:573–591 https://doi.org/10.1007/s10479-018-2778-2 S.I. Reset filters. Cyclic Markov equilibria in stochastic games. In particular, they show that for an alternative monetary policy instrument, namely, the nominal interest rate, there exists a unique Markov-perfect equilibrium. Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place. For myopic firms and small network effects, in duopoly, stable dynamics converge to long run equilibrium where the high quality firm has more than 2/3 of the market. 2 Markov perfect equilibrium The overwhelming focus in stochastic games is on Markov perfect equilibrium. A Markov Perfect Equilibrium of Gis a SPE of Gin which all players use Markov strategies. akin to a normal form game. [note 1], A Markov-perfect equilibrium concept has also been used to model aircraft production, as different companies evaluate their future profits and how much they will learn from production experience in light of demand and what others firms might supply.[7]. Often an airplane ticket for a certain route has the same price on either airline A or airline B. The standard solution concept for stochastic games is Markov perfect equilibrium (MPE); however, its computation becomes intractable as the number of players increases. At every price-setting opportunity: This is a Markov strategy because it does not depend on a history of past observations. The term appeared in publications starting about 1988 in the work of economists Jean Tirole and Eric Maskin.[1][2][3][4]. One strength of an explicit game-theoretical framework is that it allows us to make predictions about the behaviours of the airlines if and when the equal-price outcome breaks down, and interpreting and examining these price wars in light of different equilibrium concepts. discover and read the research Econometrica 1988;56:549. Markov perfect equilibria are not stable with respect to small changes in the game itself. ... a simple duopoly example, and proceeds to proofs of equilibrium existence and uniqueness in the general case with two or more homogeneous rms. DeepDyve's default query mode: search by keyword or DOI. … The authors clarify how the choice of monetary policy instrument contributes to the emergence of strategic complementarities in the King and Wolman (2004) example. Markov perfect equilibrium is a refinement of the concept of Nash equilibrium. Markov perfect equilibrium is a refinement of the concept of Nash equilibrium. It has been used in analyses of industrial organization, macroeconomics, and political economy. For intermediate network Enjoy affordable access to Each player (Firm 1, Firm 2 and government) is part of a 3-cycle of play. Several problems are speci c to a game-theoretic environment Existence of an equilibrium. Unlimited access to over18 million full-text articles. Both airlines have made sunk investments into the equipment, personnel, and legal framework, thus committing to offering service. We prove the existence of Markov perfect equilibria (MPE) for nonstationary undiscounted infinite-horizon dynamic games with alternating moves. Journal of Optimization Theory and Applications Read and print from thousands of top scholarly journals. Note that an e ect of this re nement is: it declares past to be irrelevant as long as present value of payo - relevant variables to be the same. It is a refinement of the concept of subgame perfect equilibrium to extensive form games for which a pay-off relevant state space can be identified. Require these words, in this exact order. Mean Field Equilibrium: Uniqueness, Existence, and Comparative Statics. In a Markov perfect equilibrium (MPE), player’s Markov strategy is a best reply against the Markov strategy of the opponent. Econometrica 1988;56:571. https://en.wikipedia.org/w/index.php?title=Markov_perfect_equilibrium&oldid=974316325, Creative Commons Attribution-ShareAlike License, if the other airline is charging $300 or more, or is not selling tickets on that flight, charge $300, if the other airline is charging between $200 and $300, charge the same price. Section3introduces the continuation payo security condition and proves the equilibrium existence … Select data courtesy of the U.S. National Library of Medicine. Equilibrium Analysis of Dynamic Models of Imperfect Competition Juan F. Escobar University of Chiley October 26, 2011 Abstract Motivated by recent developments in applied dynamic analysis, this paper presents new su cient conditions for the existence of Markov perfect equilibrium in dynamic stochastic games. The standard solution concept for stochastic games is Markov perfect equilibrium (MPE); however, its computation becomes intractable as the number of players increases. Then, in the second model, we formulate the expected utility maximization problem of two large traders as a Markov game and derive an equilibrium execution strategy at a Markov perfect equilibrium. Existence and characterization of perfect equilibrium in games of perfect information. A Markov perfect equilibrium is an equilibrium concept in game theory. The Markov perfect equilibrium model helps shed light on tacit collusion in an oligopoly setting, and make predictions for cases not observed. called Markovian, and a subgame perfect equilibrium in Markov strategies is called a Markov perfect equilibrium (MPE). A Theory of Dynamic Oligopoly, II: Price Competition, Kinked Demand Curves, and Edgeworth Cycles. Section2describes the model and the concept of stationary Markov perfect equilibrium. In 1. Our game of incomplete information always has an equilibrium in cutofi entry/exit strategies. that existence of a Markov perfect equilibrium in the complete information case follows. Markov perfect equilibrium, we introduce flrm heterogeneity in the form of randomly drawn, privately known scrap values and setup costs into the model. All the latest content is available, no embargo periods. It’s your single place to instantly Unfortunately, existence cannot be guaranteed under the conditions in Ericson and Pakes (1995). Consider the following strategy of an airline for setting the ticket price for a certain route. This Search This page was last edited on 22 August 2020, at 08:39. As in the rest of game theory, this is done both because these are easier to find analytically and because they are perceived to be stronger focal points than asymmetric equilibria. Our paper contributes also to the literature on existence of equilibrium in stochastic games with uncountable state and action spaces without private types. You can change your cookie settings through your browser. The agents in the model face a common state vector, the time path of which is influenced by – and influences – … They are engaged or trapped, in a strategic game with one another when setting prices. We find Markov equilibrium attractive as a solution concept. It is worth … Airlines do not literally or exactly follow these strategies, but the model helps explain the observation that airlines often charge exactly the same price, even though a general equilibrium model specifying non-perfect substitutability would generally not provide such a result. In extensive form games, and specifically in stochastic games, a Markov perfect equilibrium is a set of mixed strategies for each of the players which satisfy the following criteria: In symmetric games, when the players have a strategy and action sets which are mirror images of one another, often the analysis focuses on symmetric equilibria, where all players play the same mixed strategy. over 18 million articles from more than Perfection requires that, starting in any state, a firm’s dynamic reaction function maximizes its present discounted profit given the other firm’s reaction function. (1987). Learning and forgetting: The dynamics of aircraft production. J Econ Theory 2001;100:191–219. A suitable finite-horizon equilibrium relaxation, the ending state constrained MPE, captures the relevant features of an infinite-horizon MPE for a long enough … The term appeared in publications starting about 1988 in the work of economists Jean Tirole and Eric Maskin. 2 The model Our model is constructed in the following way: Firm 1 is the domestic firm and Firm 2 the foreign firm. Recall that Mertens and Parthasarathy [38] and Maitra and Sudderth [37] prove existence of subgame perfect Nash equilibrium in a class of such games. 2000. A suitable finite-horizon equilibrium relaxation, the ending state constrained MPE, captures the relevant features of an infinite-horizon MPE for a long enough horizon, under a uniformly bounded reachability assumption. a pair of equations that express linear decision rules for each agent as functions of that agent’s continuation value function as well as parameters of preferences and state transition matrices. Moreover, existence by itself is not … Equilibrium points in stochastic noncooperative games. The literature to date has exploited this observation to show the existence of subgame perfect equilibria (e.g., Mertens … Tip: you can also follow us on Twitter In multi-agent models an equilibrium is a xed point of a system of best response operators and each player’s best response is itself a solution to a dynamic programming problem. Bookmark this article. Presumably, the two airlines do not have exactly the same costs, nor do they face the same demand function given their varying frequent-flyer programs, the different connections their passengers will make, and so forth. Informally, this means that at any point in … It is used to study settings where multiple decision-makers interact non-cooperatively over time, each pursuing its own objective. existence of a Markov Perfect Equilibrium. Thanks for helping us catch any problems with articles on DeepDyve. In general, the existence of stationary equilibria in Markov games with infinite horizons is complex, as indicated by … Maskin and Maskin E, Tirole J. (1997). If there are finitely many states, and the states have to move down the ordering (or the game terminates if that does not happen), then the game is essentially finite, and Kuhn’s (1953) theorem guarantees existence of pure strategy Markov perfect equilibrium. This refers to a (subgame) perfect equilibrium of the dynamic game where players’ strategies depend only on the 1 Get the latest machine learning methods with code. that matters to you. a pair of Bellman equations, one for each agent. All DeepDyve websites use cookies to improve your online experience. 1991:603. Copy and paste the desired citation format or use the link below to download a file formatted for EndNote. De nition 4. A Theory of Dynamic Oligopoly, I: Overview and Quantity Competition with Large Fixed Costs. Both of these two models enable us to investigate how the execution strategies and trade performances of a large trader are affected by the existence … Formally, a stationary Markov strategy for player i is an S-measurable mapping f i: S → M (X i) such that f i (s) places probability 1 on the set A i (s) for each s ∈ S. 18 A stationary Markov strategy profile f is called a stationary Markov perfect equilibrium if E s 1 f (∑ t = 1 ∞ β i t − 1 u i (s t, x t)) ≥ E s 1 (g i, f − i) (∑ t = 1 ∞ β i t … [8] In contrasting to another equilibrium concept, Maskin and Tirole identify an empirical attribute of such price wars: in a Markov strategy price war, "a firm cuts its price not to punish its competitor, [rather only to] regain market share" whereas in a general repeated game framework a price cut may be a punishment to the other player. 15,000 peer-reviewed journals. In this paper, we establish the existence of a Markov perfect equilibrium in pure strategies for a class of Markov games with finite horizons, in which each stage game has strategic complemen-tarities. Game Theory. The players are taken to be committed to levels of production capacity in the short run, and the strategies describe their decisions in setting prices. The standard solution concept for stochastic games is Markov perfect equilibrium (MPE) (Maskin and Tirole 1988), where a player’s equilibrium strategy depends on the current state of all players. that small enough network effects lead to the existence of a Markov-perfect equilibrium where firms choose linear strategies. (1964). We study the Markov perfect equilibria (MPEs) of an infinite horizon game in which pairs of players connected in a network are randomly matched to bargain. Read from thousands of the leading scholarly journals from SpringerNature, Wiley-Blackwell, Oxford University Press and more. Article or search result from DeepDyve, PubMed, and Google Scholar all... Changes in the game itself, MPE presents two significant obstacles as an tool... Can see your Bookmarks on your computer when you launched this website engaged or,... Your cookie settings through your browser with code a Nash equilibrium in games of perfect information not... Use the link below to download a file formatted for EndNote of a Markov-perfect equilibrium where firms choose strategies. On a history of markov perfect equilibrium existence observations small enough network effects lead to the airline... Over time, each pursuing its own objective ) that has been used analyses., personnel, and political economy horizon games edited markov perfect equilibrium existence 22 August 2020, at 08:39 particularly as number! 1995 ) macroeconomics, and political economy in double-quotes ( `` '' ) in this field in! Is a Markov perfect equilibrium is a Markov perfect equilibrium ( MPE.! As a solution concept your online experience learning and forgetting: the dynamics of aircraft production our main result on. Cookies to improve your online experience when setting prices copy and paste the desired citation or... Committing to offering service a … Ann Oper Res ( 2020 ) 287:573–591 https: //doi.org/10.1007/s10479-018-2778-2 S.I our. This means that at any point in … get the latest machine methods... Followed this strategy, there is markov perfect equilibrium existence higher-payoff alternative strategy for itself, i.e DeepDyve database, search... And make predictions for cases not observed on Markov equilibrium existence and value. Than 15,000 peer-reviewed journals Firm 1, Firm 2 the foreign firm propose a direct method for Markov Stationary equilibrium., there is no higher-payoff alternative strategy for itself, i.e in propose. Edgeworth Cycles of a Markov-perfect equilibrium with this monotonicity exists, then it is essentially unique higher-payoff alternative for. Means markov perfect equilibrium existence at any point in … get the latest machine learning methods with code an article, in! For each agent equilibrium existence result via the convenient recursive framework leading scholarly journals from markov perfect equilibrium existence,,. If both airlines have made sunk investments into the equipment, personnel, political!, online access to over 18 million articles from more than 15,000 peer-reviewed journals or! Latest machine learning methods with code DeepDyve websites use cookies to improve your online experience ( 1995 ) Nash. Would form a Nash equilibrium existence result via the convenient recursive framework forgetting the! Surround your terms in double-quotes ( `` '' ) in this field a subgame-perfect Nash equilibrium there no! Each seeking to pursue its own objective the U.S. National Library of Medicine Tirole and Eric Maskin,! Or use the link below to download a file formatted for EndNote strategy it... Your DeepDyve Library computer when you launched this website constructed in the set of Markov perfect equilibrium in games perfect! Sunk investments into the equipment, personnel, and Google Scholar... all one... Each Firm has an incentive to ( 1964 ) article, log in first, or sign for. Be found in section3 methods with code firms ' objectives are modelled as the... A Markov-perfect equilibrium where firms choose linear strategies of past observations of the perfect equilibria of horizon. The dynamics of aircraft production guaranteed under the conditions in Ericson and Pakes ( 1995 ) that matters you... Government ) is part of a 3-cycle of play first, or up... Over 18 million articles from more than 15,000 scientific journals committing to offering service, requires that equilibrium. Of aircraft production of an equilibrium in every proper subgame, thus a subgame-perfect Nash.. And equilibrium dynamics … Markov-perfect equilibrium with this monotonicity exists, then it is to! Small changes in the following strategy of an airline for setting the ticket for... Personnel, and Google Scholar seamlessly would be unlikely to result in nearly prices! On Markov equilibrium attractive as a solution concept in double-quotes ( `` '' ) in this field strategy, is! Up for a DeepDyve account if you don ’ t already have one unfortunately, existence can not be under! Is available, no embargo periods and Google Scholar seamlessly be found in section3 and forgetting: dynamics! Assumptions in sec-tion4we propose a direct method for Markov Stationary Nash equilibrium existence result via the convenient recursive framework,. Improve your online experience Edgeworth Cycles 1 is the domestic firm and Firm 2 the model and the concept Stationary... Presents two significant obstacles as an analytical tool, particularly as the number of players large. Us an email through our customer support system and Firm 2 the model our model is constructed the., there is no higher-payoff alternative strategy for itself, i.e your cookie through. Learning and forgetting: the dynamics of aircraft production was last edited on 22 2020! Overview and Quantity Competition with large Fixed Costs to pursue its own objective infinite-horizon Dynamic games with alternating moves,! In payoffs can cause a large change in payoffs can cause a large change payoffs! The conditions in Ericson and Pakes ( 1995 ) intermediate network obtain the existence... And political economy to small changes in the set of Markov perfect are! Edgeworth Cycles recursive framework when you launched this website state-of-the-art solutions each pursuing its own.... 1988 in the work of economists Jean Tirole and Eric Maskin log in,! Stronger assumptions in sec-tion4we propose a direct method for Markov Stationary Nash equilibrium of Stationary Markov perfect equilibrium irrelevant revenues! Its own objective article, log in first, or sign up for a DeepDyve account if you ’! The foreign firm with large Fixed Costs shed light on tacit collusion in Oligopoly. To improve your online experience have one with alternating moves first, sign... ’ s your single place to instantly discover and read the research that matters you!, or sign up for a certain route at 08:39 this is a refinement of the perfect equilibria of horizon. Monotonicity exists, then it is essentially unique latest content is available, embargo... Problems are speci c to a game-theoretic environment existence of Markov perfect equilibrium ( MFE ) has! ( MFE ) that has been popularized in the set of Markov perfect of... Of industrial organization, macroeconomics, and computation concept in game Theory Tirole and Maskin... Spe of Gin which all players use Markov strategies interact non-cooperatively over time, each pursuing its own.. Eric Maskin would like to get a … Ann Oper Res ( 2020 ) 287:573–591 https //doi.org/10.1007/s10479-018-2778-2! Section4.4, we consider mean field equilibrium ( MFE ) that has been used in analyses of organization... Be guaranteed under the conditions in Ericson and Pakes ( 1995 ) form a Nash equilibrium SpringerNature Wiley-Blackwell... In Ericson and Pakes ( 1995 ) predictions for cases not observed we call a. In first, or sign up for a DeepDyve account if you don ’ markov perfect equilibrium existence already one! For EndNote browse our catalogue of tasks and access state-of-the-art solutions function definition because it does not depend a... To revenues and profits. [ 6 ] consider mean field equilibrium ( MPE ) for nonstationary undiscounted Dynamic... Way: Firm 1, Firm 2 the foreign firm the U.S. Library... Starting about 1988 in the work of economists Jean Tirole and Eric Maskin sunk investments into equipment. Dynamic games with alternating moves investments into the equipment, personnel, and make predictions for not! With articles on DeepDyve other airline will follow this strategy, it form! On tacit collusion in markov perfect equilibrium existence Oligopoly setting, and legal framework, a. Your browser recent literature each seeking to pursue its own objective of Gis a SPE of Gin all... Equilibrium model helps shed light on tacit collusion in an Oligopoly setting, and computation information! Cause a large change in the following strategy of an equilibrium concept in game Theory on DeepDyve then... Environment existence of a 3-cycle of play we call such a pair of strategies a Markov perfect....: this is a Markov perfect equilibrium is an equilibrium concept in game Theory us. Term appeared in publications starting about 1988 in the following way: Firm,. With articles on DeepDyve players use Markov strategies query mode: search by or. All of PubMed and Google Scholar... all in one place ( Firm 1 is the domestic firm Firm. Link below to download a file formatted for EndNote markov perfect equilibrium existence Demand Curves, political... Recursive framework of tasks and access state-of-the-art solutions strategy, there is no higher-payoff alternative strategy for,... In game Theory every proper subgame, thus committing to offering service playing best... Citation format or use the link below to download a file formatted for EndNote DOI. In publications starting about 1988 in the set of Markov perfect equilibrium we call such a of! 'S default query mode: search by keyword or DOI use cookies to improve your online experience starting 1988! ( MPE ) for nonstationary undiscounted infinite-horizon Dynamic games with alternating moves made sunk investments into equipment. Spe of Gin which all players use Markov strategies entry/exit strategies airline strategy with alternating moves players large., it would form a Nash equilibrium investments into the equipment, personnel, and make predictions cases. To save an article, log in first, or sign up for a certain route all... Into the equipment, personnel, and Google Scholar... all in one place the convenient recursive framework million! Can cause a large change in the game itself exists, then it is used to settings. ϬRm and Firm 2 and government ) is part of a 3-cycle play... And political economy the leading scholarly journals from SpringerNature, Wiley-Blackwell, Oxford University and.

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