Abstract
Recently, Clemhout and Wan (Ref. 1) provided solutions to a class of stochastic differential game models concerning common property resources. However, they only established closed-loop strategies for the infinite-horizon problem using the Kushner test. In this paper, we provide closed-loop feedback solutions to their game in a finite-time horizon with deterministic evolution dynamics.
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References
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Communicated by G. Leitmann
The helpful comments of an anonymous referee are gratefully acknowledged.
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Plourde, C., Yeung, D. A note on clemhout and Wan's dynamic games of common property resources. J Optim Theory Appl 55, 327–331 (1987). https://doi.org/10.1007/BF00939089
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DOI: https://doi.org/10.1007/BF00939089