Time-Consistent Equilibria in Common Access Resource Games with Asymmetric Players Under Partial Cooperation

摘要: Given a differential game, if agents have different time preference rates, cooperative (Pareto optimum) solutions obtained by applying Pontryagin’s maximum principle become inconsistent. We derive set of dynamic programming equations in continuous whose are time-consistent equilibria for problems which differ their utility functions and also rates. The solution assumes cooperation between at every time. Since coalitions times preferences, equilibrium policies calculated looking Markov (subgame perfect) (noncooperative) sequential game. results applied to the study cake-eating problem describing management common property exhaustible natural resource. extension simple renewable resource model infinite horizon is discussed.