Time, Uncertainty, and Conflict: Three Essays on Economic Dynamics

136 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1997.The third essay studies the interaction of a group of economic agents whose wealth cannot be completely insured, so that bankruptcy can occur. The stochastic behavior of the wealth is described by a diffusion process whose behavior depends on the actions of all agents. Each player should select a strategy in which the immediate benefit of her actions is balanced with the effects on the bankruptcy probability. The paper characterizes the Markovian Nash equilibrium of this dynamic game, and illustrates different situation to which the result might be applied.U of I OnlyRestricted to the U of I community idenfinitely during batch ingest of legacy ETD