Binary Mean Field Stochastic Games: Stationary Equilibria and Comparative Statics
Optimization and Control
2021-01-05 v1
Abstract
This paper considers mean field games in a multi-agent Markov decision process (MDP) framework. Each player has a continuum state and binary action, and benefits from the improvement of the condition of the overall population. Based on an infinite horizon discounted individual cost, we show existence of a stationary equilibrium, and prove its uniqueness under a positive externality condition. We further analyze comparative statics of the stationary equilibrium by quantitatively determining the impact of the effort cost.
Keywords
Cite
@article{arxiv.2101.00335,
title = {Binary Mean Field Stochastic Games: Stationary Equilibria and Comparative Statics},
author = {Minyi Huang and Yan Ma},
journal= {arXiv preprint arXiv:2101.00335},
year = {2021}
}
Comments
31 pages. arXiv admin note: text overlap with arXiv:1701.06661