A User’s Guide to Solving Dynamic Stochastic Games Using the Homotopy Method
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computation
dynamic stochastic games
homotopy method
Markov-perfect equilibrium
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dynamic stochastic games
homotopy method
Markov-perfect equilibrium
Economics
Public Affairs, Public Policy and Public Administration
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Abstract
This paper provides a step-by-step guide to solving dynamic stochastic games using the homotopy method. The homotopy method facilitates exploring the equilibrium correspondence in a systematic fashion; it is especially useful in games that have multiple equilibria. We discuss the theory of the homotopy method and its implementation and present two detailed examples of dynamic stochastic games that are solved using this method.
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2010-08-01
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Operations Research