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On durable-strategies dynamic game theory
Date Issued
2022
ISSN
2310-2608
Citation
Contributions to Game Theory and Management, 2022, vol. 15.
Description
Open access
Type
Peer Reviewed Journal Article
Abstract
An empirically meaningful theory of dynamic games has to incorporate real-life phenomena. Durable strategies, which effects last for a period of time, are prevalent in real-life situations. Revenue generating investments, toxic waste disposal and purchase of durable goods are common examples of durable strategies. This paper first provides a review on durable-strategies dynamic game theory. A practically relevant advancement - random horizon durable-strategies dynamic games - yielding novel results in durable-strategies dynamic games theory is then presented. Dynamic optimization theorem, game formulations and HJB equations are derived. An illustrative example is provided. The theory and solution mechanism of durable-strategies cooperative dynamic games are also discussed.
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