A User's Guide to Solving Dynamic Stochastic Games Using the Homotopy Method
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homotopy method
dynamic stochastic games
Markov perfect equilibrium
equilibrium correspondence
game theory
industrial organization
numerical methods
Behavioral Economics
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Business Administration, Management, and Operations
Business Intelligence
Marketing
Statistics and Probability
dynamic stochastic games
Markov perfect equilibrium
equilibrium correspondence
game theory
industrial organization
numerical methods
Behavioral Economics
Business
Business Administration, Management, and Operations
Business Intelligence
Marketing
Statistics and Probability
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Borkovsky, Ron N
Doraszelski, Ulrich
Kryukov, Yaroslav
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Abstract
This paper provides a step-by-step guide to solving dynamic stochastic games using the homotopy method. The homotopy method facilitates exploring the equilibrium correspondence in a systematic fashion; it is especially useful in games that have multiple equilibria. We discuss the theory of the homotopy method and its implementation and present two detailed examples of dynamic stochastic games that are solved using this method.
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2010-01-01
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Operations Research