Group for Research in Decision Analysis

Open and closed loop Nash equilibria in games with continuum of players

Agnieszka Wiszniewska-Matyszkiel Warsaw University, Poland

In this paper the problem of relations between closed loop and open loop Nash equilibria is examined in the environment of dynamic games with continuum of players and a compound structure of state variables encompassing both private and global state variables. Equivalence theorem between these classes of equilibria is proven, important implications for ways of calculating these equilibria are derived and the results are presented on examples of models of exploitation of an ecosystem by a large group of players.