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Subgame Consistent Economic Optimization

An Advanced Cooperative Dynamic Game Analysis

  • David W.K. Yeung
  • Leon A. Petrosyan

Table of contents

  1. Front Matter
    Pages I-XVI
  2. David W. K. Yeung, Leon A. Petrosyan
    Pages 1-5
  3. David W. K. Yeung, Leon A. Petrosyan
    Pages 7-45
  4. David W. K. Yeung, Leon A. Petrosyan
    Pages 47-76
  5. David W. K. Yeung, Leon A. Petrosyan
    Pages 111-146
  6. David W. K. Yeung, Leon A. Petrosyan
    Pages 147-175
  7. David W. K. Yeung, Leon A. Petrosyan
    Pages 177-202
  8. David W. K. Yeung, Leon A. Petrosyan
    Pages 203-237
  9. David W. K. Yeung, Leon A. Petrosyan
    Pages 239-270
  10. David W. K. Yeung, Leon A. Petrosyan
    Pages 271-293
  11. David W. K. Yeung, Leon A. Petrosyan
    Pages 295-321
  12. David W. K. Yeung, Leon A. Petrosyan
    Pages 323-342
  13. David W. K. Yeung, Leon A. Petrosyan
    Pages 343-365
  14. Back Matter
    Pages 367-395

About this book

Introduction

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.

Keywords

cooperative dynamic games cooperative optimization economic modeling economic optimization game-theoretic optimization stochastic dynamic games subgame consistency

Authors and affiliations

  • David W.K. Yeung
    • 1
  • Leon A. Petrosyan
    • 2
  1. 1., SRS Consortium for Advanced Study in CooHong Kong Shue Yan UniversityHong KongChina, People's Republic
  2. 2.Faculty of Applied Mathematics and ContrSt. Petersburg State UniversitySaint PetersburgRussia

Bibliographic information

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