By Erwin Amann, Klaus Ritzberger (auth.), Mag. Arno Riedl, Professor Dr. Georg Winckler, Univ.-Doz. Dr. Andreas Wörgötter (eds.)
Subject and objective of the ebook is the research of monetary coverage concerns with the aid of non-cooperative online game theory.
The most crucial function of our paintings is to examine the prospective strategic interactions among quite a few financial brokers and/or associations. we're additionally investigating the aptitude results on potency and welfare if brokers act in a strategic manner. the strategy of non-cooperative video game conception leads often to effects which range from that derived in utilizing "traditional" monetary theory.
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Additional info for Macroeconomic Policy Games
199-217. Selten, R. 25-55.
Applied decision analysis and economic behaviour. Martinus Nijhoff, Dordrecht. Oudiz, G. and J. I-64. Oudiz, G. and J. " In: W. H. Buiter and R. C. ), International economic policy coordination. Cambridge University Press, Cambridge. F. S. 161-173. Rogoff, K. 199-217. Selten, R. 25-55.
In contrast, there are many firms in the exposed sector. For each of the K brands there is exactly one firm. Firms in the exposed sector produce for the domestic and foreign market. The production technology of all firms is kept simple by assuming a one-to-one relationship between output and labour input. The firms in the exposed sector act as monopolists when supplying their brand. 29 E. Amann and G. Winckler However one brand can easily substitute another within the aggregate commodity. The existence of brands within the aggregate commodity rules out the pure competition case in which only one firm (either at horne or abroad) carries the whole market.