2018-07-06
Mean field games for production output adjustment with noisy sticky prices
Publication
Publication
Presented at the
30th Chinese Control and Decision Conference, CCDC 2018 (June 2018), Shenyang
This paper investigates mean field games for dynamic production competition. We first introduce a market of many firms with the sticky price and adjustment costs, where the price is disturbed by a Wiener process. By solving forward-backward stochastic differential equations subject to consistent mean field approximations, a set of decentralized strategies is obtained and further shown to be an e-Nash equilibrium.
| Additional Metadata | |
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| Keywords | Mean field game, Nash equilibrium, noisy sticky price, production output adjustment |
| Persistent URL | dx.doi.org/10.1109/CCDC.2018.8407672 |
| Conference | 30th Chinese Control and Decision Conference, CCDC 2018 |
| Citation |
Wang, B. (Bingchang), & Huang, M. (2018). Mean field games for production output adjustment with noisy sticky prices. In Proceedings of the 30th Chinese Control and Decision Conference, CCDC 2018 (pp. 3185–3190). doi:10.1109/CCDC.2018.8407672
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