A mean-field game economic growth model

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.

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
IEEE

Journal
2016 American Control Conference (ACC)

Conference/Event Name
2016 American Control Conference, ACC 2016

DOI
10.1109/ACC.2016.7526095

arXiv
1509.08650

Additional Links
http://arxiv.org/pdf/1509.08650

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