Subgame Consistent Economic Optimization

An Advanced Cooperative Dynamic Game Analysis
2012
ISBN: 978-0-8176-8261-3
Verlag: Birkhäuser Boston

Buch, Englisch, 395 Seiten, HC gerader Rücken kaschiert, Format (B × H): 160 mm x 241 mm, Gewicht: 781 g

Reihe: Static & Dynamic Game Theory: Foundations & Applications

The prevalence of imperfect structures, externalities, and imperfect information in existing market systems prevents the market from serving as an efficient mechanism for resource allocation. In the presence of such failures, optimization of economic activities provides an effective remedial measure. Cooperative optimization suggests the possibility of socially optimal and individually rational solutions to decision problems involving strategic action over time; however, to guarantee that cooperation will last throughout the agreement period, the stringent condition of subgame consistency is required.

This textbook presents a treatise on subgame consistent economic optimization, developing game-theoretic optimization techniques to establish the foundation for an effective policy menu to tackle sub-optimal circumstances that the conventional market mechanism fails to resolve. Topics covered include:

* dynamic optimization;

* group optimality and individual rationality;

* time (optimal-trajectory-subgame) consistent economic optimization;

* dynamic economic optimization under uncertainty and subgame consistency;

* dynamically stable joint ventures;

* collaborative environmental management;

* discrete-time subgame consistent economic optimization.

This is the first book to thoroughly address the topic of subgame consistent economic optimization. It will be of particular interest as a research reference for game theorists, economists, mathematicians, policy makers, and corporate planners. With ample problems and exercises, it is also a useful text for graduate students in game theory.

Zielgruppe

Graduate

Autoren/Hrsg.

Petrosyan, Leon A.

Yeung, David W.K.

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensforschung
• Interdisziplinäres Wissenschaften Wissenschaften: Forschung und Information Entscheidungstheorie, Sozialwahltheorie
• Mathematik | Informatik Mathematik Operations Research Spieltheorie

Inhaltsverzeichnis

Preface.- Introduction.- 1 Dynamic Strategic Interactions in Economic System.- 2 Dynamic Economic Optimization: Group Optimality and Individual Rationality.- 3 Time Consistency and Optimal-Trajectory-Subgame Consistent Economic Optimization.- 4 Dynamically Stable Cost-saving Joint Venture.- 5 Collaborative Environmental Management.- 6 Dynamically Stable Dormant Firm Cartel.- 7 Subgame Consistent Economic Optimization Under Uncertainty.- 8 Cost-saving Joint Venture Under Uncertainty.- 9 Collaborative Environmental Management Under Uncertainty.- 10 Subgame Consistent Dormant Firm Cartel.- 11 Dynamic Consistency in Discrete-time Cooperative Games.- 12 Discrete-time Cooperative Games Under Uncertainty.- Technical Appendices.- References.- Index.

Über Autor(innen)

Yeung, David W.K.
David W. K. Yeung is Distinguished Research Professor and Head of Business Administration at Hong Kong Shue Yan University, and the Kantorovich Research Chair in Stochastic Differential Games and co-director of the Centre of Game Theory at Saint Petersburg State University. He is also Distinguished Honorary Professor of Qingdao University - an honor he received along with Nobel laureates John Nash, Reinhard Selten, and Robert Aumann. Yeung’s main areas of research are game theory, optimization, and stochastic processes. He serves as Managing Editor of International Game Theory Review, Guest Editor of Annals of Operations Research, Associate Editor of Dynamic Games and Applications, and Editorial Board Member of Mathematical Game Theory & Applications. Yeung has published extensively in world-renowned science journals, in particular, Automatica, Journal of Optimization Theory and Applications, Annals of Operations Research, European Journal of Operational Research, International Game Theory Review, and Mathematical Biosciences.

David W. K. Yeung is Distinguished Research Professor and Head of Business Administration at Hong Kong Shue Yan University, and the Kantorovich Research Chair in Stochastic Differential Games and co-director of the Centre of Game Theory at Saint Petersburg State University. He is also Distinguished Honorary Professor of Qingdao University - an honor he received along with Nobel laureates John Nash, Reinhard Selten, and Robert Aumann. Yeung’s main areas of research are game theory, optimization, and stochastic processes. He serves as Managing Editor of International Game Theory Review, Guest Editor of Annals of Operations Research, Associate Editor of Dynamic Games and Applications, and Editorial Board Member of Mathematical Game Theory & Applications. Yeung has published extensively in world-renowned science journals, in particular, Automatica, Journal of Optimization Theory and Applications, Annals of Operations Research, European Journal of Operational Research, International Game Theory Review, and Mathematical Biosciences.