Computation of Mean Field Equilibria in Economics

Motivated by a mean field games stylized model for the choice of technologies (with externalities and economy of scale), we consider the associated optimization problem and prove an existence result. To complement the theoretical result, we introduce a monotonic algorithm to find the mean field equilibria. We close with some numerical results, including the multiplicity of equilibria describing the possibility of a technological transition.

MoreLess

Year of publication:	2010
Authors:	Lachapelle, Aimé ; Salomon, Julien ; Turinici, Gabriel
Institutions:	Université Paris-Dauphine (Paris IX)
Subject:	mean field games \| dynamic equilibrium \| externalities \| monotonic algorithms \| optimal control \| non-convex optimization

More details

Series:	Economics Papers from University Paris Dauphine.
Type of publication:	Book / Working Paper
Notes:	Published in Mathematical Models and Methods in Applied Sciences, 2010, Vol. 20, no. 4. pp. 567-588.Length: 21 pages
Classification:	C62 - Existence and Stability Conditions of Equilibrium
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010708940