Related papers: Radner equilibrium with population growth
Voluntary insurance contracts constitute a puzzle because they increase the expectation value of one party's wealth, whereas both parties must sign for such contracts to exist. Classically, the puzzle is resolved by introducing non-linear…
Rationality is frequently associated with making the best possible decisions. It's widely acknowledged that humans, as rational beings, have limitations in their decision-making capabilities. Nevertheless, recent advancements in fields,…
We analyse the effect of harvesting in a resource dependent age structured population model, deriving the conditions for the existence of a stable steady state as a function of fertility coefficients, harvesting mortality and carrying…
Different populations of vehicles travel along a network. Each population has its origin, destination and travel costs - which may well be unbounded. Under the only requirement of the continuity of the travel costs, we prove the existence…
The existence of positive equilibrium solutions to age-dependent population equations with nonlinear diffusion is studied in an abstract setting. By introducing a bifurcation parameter measuring the intensity of the fertility it is shown…
We present a survey of results related to the Milnor's problem on group growth. We discuss the cases of polynomial growth, exponential but not uniformly exponential growth, but the main part of the article is devoted to the intermediate…
This work is devoted to studying the dynamics of a structured population that is subject to the combined effects of environmental stochasticity, competition for resources, spatio-temporal heterogeneity and dispersal. The population is…
A simplified model for the growth of a population is studied in which random effects arise because reproducing individuals have a certain probability of surviving until the next breeding season and hence contributing to the next generation.…
The objective of this article is to create a framework to study asymptotic equilibria in human populations with a special focus on immigration. We present a new model, based on Resource Dependent Branching Processes, which is now broad…
This paper characterizes differentiable subgame perfect equilibria in a continuous time intertemporal decision optimization problem with non-constant discounting. The equilibrium equation takes two different forms, one of which is…
This paper studies the equilibrium price of a continuous time asset traded in a market with heterogeneous investors. We consider a positive mean reverting asset and two groups of investors who have different beliefs on the speed of mean…
We study the dynamics of opinions in a setting where a leader has a payoff that depends on agents' beliefs and where agents derive psychological utility from their beliefs. Agents sample a signal that maximises their utility and then…
We study the evolution of offspring sex ratios using a game-theoretical model in which the decision to have another child depends on the sex of the previous child. Motivated by higher male infant mortality and the tendency to try again…
With recent development of artificial intelligence, it is more common to adopt AI agents in economic activities. This paper explores the economic actions of agents, including human agents and AI agents, in an economic game of trading…
The population size has far-reaching effects on the fitness of the population, that, in its turn influences the population extinction or persistence. Understanding the density- and age-dependent factors will facilitate more accurate…
Real populations are seldom found at the Nash equilibrium strategy. The present work focuses on how population size can be a relevant evolutionary force diverting the population from its expected Nash equilibrium. We introduce the concept…
This tutorial article puts forth a framework to analyze the noncooperative strategic interactions among the members of a large population of bounded rationality agents. Our approach hinges on, unifies and generalizes existing methods and…
In this paper, we review recent results of ours concerning branching processes with general lifetimes and neutral mutations, under the infinitely many alleles model, where mutations can occur either at birth of individuals or at a constant…
This paper studies a central planner's decision making on behalf of a group of members with diverse discount rates. In the context of optimal stopping, we work with an aggregation preference to incorporate all discount rates via an attitude…
We study discrete-time, finite-state mean-field games (MFGs) under model uncertainty, where agents face ambiguity about the state transition probabilities. Each agent maximizes its expected payoff against the worst-case transitions within…