کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
966285 930943 2010 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
A stochastic differential game of capitalism
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات ریاضیات کاربردی
پیش نمایش صفحه اول مقاله
A stochastic differential game of capitalism
چکیده انگلیسی
We develop a stochastic differential game of capitalism to analyze the role of uncertainty. In the deterministic game, the firm's rent is completely taxed away and the firm stops investing completely. In the stochastic game, the government does not tax the firm's rent completely. The firm posts a positive rate of investment if the firm's rent exceeds the labor's income. Although the cooperative solution is indeterminate, cooperation is always Pareto optimal compared to the non-cooperative Markovian Nash equilibrium. For individual rationality, we apply a payoff distribution procedure based on Yeung and Petrosyan (2006) to derive a subgame-consistent solution.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Mathematical Economics - Volume 46, Issue 4, 20 July 2010, Pages 552-561
نویسندگان
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