A mean-field game economic growth model

Handle URI:
http://hdl.handle.net/10754/622367
Title:
A mean-field game economic growth model
Authors:
Gomes, Diogo A. ( 0000-0002-3129-3956 ) ; Lafleche, Laurent; Nurbekyan, Levon
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.
KAUST Department:
Computer, Electrical and Mathematical Sciences and Engineering (CEMSE) Division; Center for Uncertainty Quantification in Computational Science and Engineering (SRI-UQ); KAUST VSRP Program, Saudi Arabia
Citation:
Gomes D, Lafleche L, Nurbekyan L (2016) A mean-field game economic growth model. 2016 American Control Conference (ACC). Available: http://dx.doi.org/10.1109/ACC.2016.7526095.
Publisher:
Institute of Electrical and Electronics Engineers (IEEE)
Journal:
2016 American Control Conference (ACC)
Conference/Event name:
2016 American Control Conference, ACC 2016
Issue Date:
5-Aug-2016
DOI:
10.1109/ACC.2016.7526095
Type:
Conference Paper
Appears in Collections:
Conference Papers; Computer, Electrical and Mathematical Sciences and Engineering (CEMSE) Division

Full metadata record

DC FieldValue Language
dc.contributor.authorGomes, Diogo A.en
dc.contributor.authorLafleche, Laurenten
dc.contributor.authorNurbekyan, Levonen
dc.date.accessioned2017-01-02T09:28:26Z-
dc.date.available2017-01-02T09:28:26Z-
dc.date.issued2016-08-05en
dc.identifier.citationGomes D, Lafleche L, Nurbekyan L (2016) A mean-field game economic growth model. 2016 American Control Conference (ACC). Available: http://dx.doi.org/10.1109/ACC.2016.7526095.en
dc.identifier.doi10.1109/ACC.2016.7526095en
dc.identifier.urihttp://hdl.handle.net/10754/622367-
dc.description.abstractHere, 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.en
dc.publisherInstitute of Electrical and Electronics Engineers (IEEE)en
dc.titleA mean-field game economic growth modelen
dc.typeConference Paperen
dc.contributor.departmentComputer, Electrical and Mathematical Sciences and Engineering (CEMSE) Divisionen
dc.contributor.departmentCenter for Uncertainty Quantification in Computational Science and Engineering (SRI-UQ)en
dc.contributor.departmentKAUST VSRP Program, Saudi Arabiaen
dc.identifier.journal2016 American Control Conference (ACC)en
dc.conference.date2016-07-06 to 2016-07-08en
dc.conference.name2016 American Control Conference, ACC 2016en
dc.conference.locationBoston, MA, USAen
kaust.authorGomes, Diogo A.en
kaust.authorLafleche, Laurenten
kaust.authorNurbekyan, Levonen
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