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Time consistent Pareto solutions in common access resource gameswith asymmetric players

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dc.creator De-Paz, Albert
dc.creator Marín Solano, Jesús
dc.creator Navas, Jorge
dc.date 2011-05-24T12:24:13Z
dc.date 2011-05-24T12:24:13Z
dc.date 2011
dc.date.accessioned 2024-12-16T10:27:04Z
dc.date.available 2024-12-16T10:27:04Z
dc.identifier http://hdl.handle.net/2445/18146
dc.identifier.uri http://fima-docencia.ub.edu:8080/xmlui/handle/123456789/21813
dc.description In the analysis of equilibrium policies in a di erential game, if agents have different time preference rates, the cooperative (Pareto optimum) solution obtained by applying the Pontryagin's Maximum Principle becomes time inconsistent. In this work we derive a set of dynamic programming equations (in discrete and continuous time) whose solutions are time consistent equilibrium rules for N-player cooperative di erential games in which agents di er in their instantaneous utility functions and also in their discount rates of time preference. The results are applied to the study of a cake-eating problem describing the management of a common property exhaustible natural resource. The extension of the results to a simple common property renewable natural resource model in in nite horizon is also discussed.
dc.format 31 p.
dc.format application/pdf
dc.language eng
dc.publisher Universitat de Barcelona. Facultat d'Economia i Empresa
dc.relation Reproducció del document publicat a: http://www.ere.ub.es/dtreball/E11253.rdf/view
dc.relation Documents de treball (Facultat d'Economia i Empresa. Espai de Recerca en Economia), 2011, E11/253
dc.relation [WP E-Eco11/253]
dc.rights cc-by-nc-nd, (c) De Paz Monfort et al., 2011
dc.rights http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.rights info:eu-repo/semantics/openAccess
dc.source UB Economics – Working Papers [ERE]
dc.subject Cooperativisme
dc.subject Teoria de jocs
dc.subject Cooperation
dc.subject Game theory
dc.title Time consistent Pareto solutions in common access resource gameswith asymmetric players
dc.type info:eu-repo/semantics/workingPaper


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