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Computing Markov-Perfect Nash Equilibria: Numerical Implications of a Dynamic Differentiated Product Model
Abstract
In this article we develop and illustrate a simple algorithm for computing Markov-perfect Nash equilibria. The advantage of the Markov-perfect framework is that it is flexible enough to reproduce important aspects of reality in a variety of market settings. As a result, we hope that our article and (perhaps improved) versions of the associated algorithms will eventually be a part of a tool kit that allows researchers to go back and forth between the implications of economic theory and the characteristics of alternative datasets.
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Citations
Cited by
Estimating Dynamic Models of Imperfect Competition
Bajari, P., Benkard, C. L., & Levin, J. (2007) · Econometrica · doi:10.1111/j.1468-0262.2007.00796.x · Cited by 836
Artificial intelligence as structural estimation: Deep Blue, Bonanza, and AlphaGo
Igami, M. (2020) · The Econometrics Journal · doi:10.1093/ectj/utaa005 · Cited by 28
Mojduszka (2001) · doi:10.1002/1520-6297(200124)17:1
Metadata
- Authors
- Pakes, A., & McGuire, P.
- Venue
- The RAND Journal of Economics
- Publisher
- Wiley
- Published
- 1994
- Volume
- 25
- Issue
- 4
- Pages
- 555
- ISSN
- 0741-6261 (ISSN-L)
- OpenAlex
- W3124616009
- Cited by
- 351
- References
- 0
- FWCI
- 5.00
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Computing Markov-Perfect Nash Equilibria: Numerical Implications of a Dynamic Differentiated Product Model. https://app.cochat.ai/papers/10.2307/2555975
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- Pakes, A., & McGuire, P. (1994). Computing Markov-Perfect Nash Equilibria: Numerical Implications of a Dynamic Differentiated Product Model. The RAND Journal of Economics. https://doi.org/10.2307/2555975
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
