A mean-field game economic growth model
Analysis of PDEs
2019-07-26 v1
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 their utility by taking into account statistical data of the total 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.
Keywords
Cite
@article{arxiv.1509.08650,
title = {A mean-field game economic growth model},
author = {Diogo Gomes and Laurent Lafleche and Levon Nurbekyan},
journal= {arXiv preprint arXiv:1509.08650},
year = {2019}
}