TY - GEN
T1 - A mean-field game economic growth model
AU - Gomes, Diogo A.
AU - Lafleche, Laurent
AU - Nurbekyan, Levon
N1 - KAUST Repository Item: Exported on 2020-10-01
PY - 2016/8/5
Y1 - 2016/8/5
N2 - Here, we examine a mean-field game (MFG) that models the economic growth of a population of non-cooperative, rational agents. In this MFG, agents are described by two state variables - the capital and consumer goods they own. Each agent seeks to maximize his/her utility by taking into account statistical data about the whole population. The individual actions drive the evolution of the players, and a market-clearing condition determines the relative price of capital and consumer goods. We study the existence and uniqueness of optimal strategies of the agents and develop numerical methods to compute these strategies and the equilibrium price.
AB - Here, we examine a mean-field game (MFG) that models the economic growth of a population of non-cooperative, rational agents. In this MFG, agents are described by two state variables - the capital and consumer goods they own. Each agent seeks to maximize his/her utility by taking into account statistical data about the whole population. The individual actions drive the evolution of the players, and a market-clearing condition determines the relative price of capital and consumer goods. We study the existence and uniqueness of optimal strategies of the agents and develop numerical methods to compute these strategies and the equilibrium price.
UR - http://hdl.handle.net/10754/622367
UR - http://ieeexplore.ieee.org/document/7526095/
UR - http://www.scopus.com/inward/record.url?scp=84992046835&partnerID=8YFLogxK
U2 - 10.1109/ACC.2016.7526095
DO - 10.1109/ACC.2016.7526095
M3 - Conference contribution
SN - 9781467386821
SP - 4693
EP - 4698
BT - 2016 American Control Conference (ACC)
PB - Institute of Electrical and Electronics Engineers (IEEE)
ER -
