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Computation of Mean Field Equilibria in Economics

Lachapelle, Aimé; Salomon, Julien; Turinici, Gabriel (2010), Computation of Mean Field Equilibria in Economics, Mathematical Models and Methods in Applied Sciences, 20, 4, p. 567-588. http://dx.doi.org/10.1142/S0218202510004349

Type
Article accepté pour publication ou publié
External document link
http://hal.archives-ouvertes.fr/hal-00346214/en/
Date
2010
Journal name
Mathematical Models and Methods in Applied Sciences
Volume
20
Number
4
Publisher
World Scientific
Pages
567-588
Publication identifier
http://dx.doi.org/10.1142/S0218202510004349
Metadata
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Author(s)
Lachapelle, Aimé
Salomon, Julien
Turinici, Gabriel cc
Abstract (EN)
Motivated by a mean field games stylized model for the choice of technologies (with externalities and economy of scale), we consider the associated optimization problem and prove an existence result. To complement the theoretical result, we introduce a monotonic algorithm to find the mean field equilibria. We close with some numerical results, including the multiplicity of equilibria describing the possibility of a technological transition.
Subjects / Keywords
mean field games; dynamic equilibrium; externalities; monotonic algorithms; optimal control; non-convex optimization
JEL
C62 - Existence and Stability Conditions of Equilibrium

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