A GAME THEORETIC APPROACH TO ECONOMIC GROWTH.
HEBREW UNIV JERUSALEM (ISRAEL) DEPT OF MATHEMATICS
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The report discusses the problem of optimal saving using game-theoretic ideas and tools. A model is given with a quite general production function. Likewise the preferences of the various generations is permitted to be quite general utility functions. Then the model is analyzed from the point of view of the present generation. It is not assumed that the present generation controls in any manner the behavior of future generations. The author suggests as a solution for the optimal saving problem facing the present generation the Nash equilibrium points of the model. Then existence of equilibrium points is investigated under various conditions.
- Economics and Cost Analysis
- Operations Research