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UID:www.tcs.tifr.res.in/event/401
DTSTAMP:20230914T125923Z
SUMMARY:Mean Field Games with Substitutable Goods
DESCRIPTION:Speaker: Prof. Ronnie Sircar (Princeton University\nORFE Depart
 ment\nSherrerd Hall Room No. 28\nPrinceton\, NJ 08544\nUnited States of Am
 erica)\n\nAbstract: \nWe study continuous time Bertrand competition in whi
 ch a large number of firms producing similar goods compete with one anothe
 r by setting prices. Interactions are of mean field type in the sense that
  the demand faced by a producer is affected by the others through their av
 erage price. We consider the setting of dynamic game with uncertain market
  demand\, where firms of different sizes compete on prices and produce to 
 clear the market demand until they have depleted their lifetime capacity. 
 We set up the nonzero-sum stochastic differential game of mean field type 
 and its associated forward/backward system of partial differential equatio
 ns in the case of linear demand functions. Asymptotic approximation enable
 s us to deduce certain qualitative features of the game in the limit of sm
 all competition. The equilibrium of the game is further studied using nume
 rical solutions. We find that\, in accordance with the 2-player game\, fir
 ms slow down production with a large degree of substitutability.\n
URL:https://www.tcs.tifr.res.in/web/events/401
DTSTART;TZID=Asia/Kolkata:20130905T160000
DTEND;TZID=Asia/Kolkata:20130905T170000
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