Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
956941 | Journal of Economic Theory | 2013 | 35 Pages |
Abstract
Any absolutely continuous, piecewise smooth, symmetric two-player game can be extended to define a population game in which each player interacts with a large representative subset of the entire population. Assuming that players respond to the payoff gradient over a continuous action space, we obtain nonlinear integro-partial differential equations that are numerically tractable and sometimes analytically tractable. Economic applications include oligopoly, growth theory, and financial bubbles and crashes.
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Social Sciences and Humanities
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Economics and Econometrics
Authors
Daniel Friedman, Daniel N. Ostrov,