English, Article, Journal or magazine article edition: On the Coincidence of the Feedback Nash and Stackelberg Equilibria in Economic Applications of Differential Games Santiago J. Rubio

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Bookmark: http://trove.nla.gov.au/version/160543
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • ON THE COINCIDENCE OF THE FEEDBACK NASH AND STACKELBERG EQUILIBRIA IN ECONOMIC APPLICATIONS OF DIFFERENTIAL GAMES
Author
  • Santiago J. Rubio
Physical Description
  • preprint
Notes
  • In this paper the scope of the applicability of the Stackelberg equilibrium concept in differential games is investigated. Firstly, conditions for obtaining the coincidence between the Stackelberg and Nash equilibria are defined in terms of the instantaneous pay-off function and the state equation of the game. Secondly, it is showed that for a class of differential games with state-interdependence both equilibria are identical independently of the player being the leader of the game. A survey of different economic models shows that this coincidence is going to occur for a good number of economic applications of differential games. This result appears because of the continuous-time setting in which differential games are defined. In this setting the first movement advantage of the leader may disappear and the both equilibria coincide.
  • RePEc:cea:doctra:e2003_40
  • In this paper the scope of the applicability of the Stackelberg equilibrium concept in differential games is investigated. Firstly, it is showed that for a class of differential games with state-interdependence the stationary feedback Nash equilibrium coincides with the stationary feedback Stackelberg equilibrium independently of the player being the leader of the game. Secondly, sufficient conditions for obtaining the coincidence between the two equilibria are defined. A review of different economic models shows that this coincidence is going to occur for a good number of economic applications of differential games. This result appears because of the continuous-time setting in which differential games are defined. In this setting the first movement advantage of the leader may disappears and then both equilibria coincide.
  • Differential Games; Stationary Feedback Nash Equilibrium; Stationary Feedback Stackelberg Equilibrium; Coincidence.
  • RePEc:ivi:wpasad:2002-11
Language
  • English
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