Research output: Chapter in Book/Report/Conference proceeding › Chapter › Research › peer-review
The recent globalization and emergence of multinational corporations turned many major economic activities into dynamic interactive endeavors. The number of decision makers involved is relatively small and it leads to significant strategic interdependence. With human life being lived over time, and institutions like markets, firms, and governments changing over time, the economic system is definitely a dynamic interactive entity. Section 2.1 provides a general overview of dynamic interactive economic systems. Market outcomes under open-loop equilibria are investigated in Sect. 2.2 and those under feedback equilibria are examined in Sect. 2.3. An extension of the analysis to a stochastic framework is provided in Sect. 2.4.
Original language | English |
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Title of host publication | SUBGAME CONSISTENT ECONOMIC OPTIMIZATION: AN ADVANCED COOPERATIVE DYNAMIC GAME ANALYSIS |
Publisher | Birkhäuser Verlag AG |
Pages | 7-45 |
Number of pages | 39 |
Edition | 9780817682613 |
ISBN (Print) | 978-0-8176-8261-3 |
DOIs | |
State | Published - 1 Jan 2012 |
Name | Static and Dynamic Game Theory: Foundations and Applications |
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Number | 9780817682613 |
ISSN (Print) | 2363-8516 |
ISSN (Electronic) | 2363-8524 |
ID: 36952361