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Subgame consistent cooperative solution of stochastic dynamic game of public goods provision
Date Issued
2014
ISSN
2310-2608
Citation
Contributions to Game Theory and Management, 2014, vol. 7, pp. 404-414.
Type
Other Article
Abstract
The provision of public goods constitutes a classic case of market failure which calls for cooperative optimization. However, cooperation cannot be sustainable unless there is guarantee that the agreed-upon optimality principle can be maintained throughout the planning duration. This paper derives subgame consistent cooperative solutions for public goods provision by asymmetric agents with transferable payoffs in a stochastic discrete-time dynamic game framework. This is the first time that dynamic cooperative game in public goods provision is analysed.
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