Time, Uncertainty, and Conflict: Three Essays on Economic Dynamics
type: CreativeWork
description: The third essay studies the interaction of a group of economic agents whose wealth cannot be completely insured, so that bankruptcy can occur. The stochastic behavior of the wealth is described by a diffusion process whose behavior depends on the actions of all agents. Each player should select a strategy in which the immediate benefit of her actions is balanced with the effects on the bankruptcy probability. The paper characterizes the Markovian Nash equilibrium of this dynamic game, and illustrates different situation to which the result might be applied.
abstract: The third essay studies the interaction of a group of economic agents whose wealth cannot be completely insured, so that bankruptcy can occur. The stochastic behavior of the wealth is described by a diffusion process whose behavior depends on the actions of all agents. Each player should select a strategy in which the immediate benefit of her actions is balanced with the effects on the bankruptcy probability. The paper characterizes the Markovian Nash equilibrium of this dynamic game, and illustrates different situation to which the result might be applied.
author: Guzman-Garcia, Rolando Moises
language: eng
keywords: Economics, Finance
date published: 2015-09-25T22:47:39Z
date modified: 2026-07-22T22:26:25Z
provider: University of Illinois - Urbana-Champaign
publisher: Networked Digital Library of Theses and Dissertations
type: WebPage
source organization: University of Illinois at Urbana-Champaign

PropertyValue
property ID: Handle
value: http://hdl.handle.net/2142/85623