A mean-field game economic growth model

Diogo A. Gomes, Laurent Lafleche, Levon Nurbekyan

Research output: Chapter in Book/Report/Conference proceedingConference contribution

4 Scopus citations

Abstract

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.
Original languageEnglish (US)
Title of host publication2016 American Control Conference (ACC)
PublisherInstitute of Electrical and Electronics Engineers (IEEE)
Pages4693-4698
Number of pages6
ISBN (Print)9781467386821
DOIs
StatePublished - Aug 5 2016

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