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T-Space at The University of Toronto Libraries >
Theoretical Economics >
Volume 5, Number 3 (September 2010) >

Please use this identifier to cite or link to this item: http://hdl.handle.net/1807/27196

Title: A theory of regular Markov perfect equilibria in dynamic stochastic games: genericity, stability, and purification
Authors: Ulrich Doraszelski; Department of Economics, Harvard University
Juan Escobar; Department of Industrial Engineering, University of Chile
Keywords: Dynamic stochastic games, Markov perfect equilibrium, regularity, genericity, finiteness, strong stability, essentiality, purifiability, estimation, computation, repeated games
C73, C61, C62
Issue Date: 22-Sep-2010
Publisher: Theoretical Economics
Citation: Theoretical Economics; Vol 5, No 3 (2010)
Abstract: [This item is a preserved copy. To view the original, visit http://econtheory.org/] This paper studies generic properties of Markov perfect equilibria in dynamic stochastic games. We show that almost all dynamic stochastic games have a finite number of locally isolated Markov perfect equilibria. These equilibria are essential and strongly stable. Moreover, they all admit purification. To establish these results, we introduce a notion of regularity for dynamic stochastic games and exploit a simple connection between normal form and dynamic stochastic games.
URI: http://hdl.handle.net/1807/27196
Other Identifiers: http://econtheory.org/ojs/index.php/te/article/view/20100369
Rights: Authors who publish in <i>Theoretical Economics</i> will release their articles under the <a href="http://creativecommons.org/licenses/by-nc/2.5/">Creative Commons Attribution-NonCommercial license</a>. This license allows anyone to copy and distribute the article for non-commercial purposes provided that appropriate attribution is given.
Appears in Collections:Volume 5, Number 3 (September 2010)

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