On Durable-strategies Dynamic Game Theory

D. Yeung, Yingxuan Zhang
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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.
论持久策略动态博弈论
有经验意义的动态博弈理论必须结合现实现象。持久策略,即效果持续一段时间的策略,在现实生活中很普遍。创收投资、有毒废物处理和购买耐用品是持久战略的常见例子。本文首先对持久策略动态博弈论进行了综述。在此基础上提出了持久策略动态博弈论中一个具有实际意义的新进展——随机视界持久策略动态博弈论。推导了动态优化定理、博弈公式和HJB方程。给出了一个说明性示例。讨论了持久策略合作动态博弈的理论和求解机制。
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