Abstract
This paper deals with the problem of establishing the conditions for individual and collective rationality when a set of players cooperate in a Pareto equilibrium. To derive such conditions one follows the approach of the theory of reachability of perturbed systems. Open-loop and closed-loop concepts are discussed and are shown to be nonequivalent.
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Communicated by G. Leitmann
The research of the first author was supported in part by Canada Council Grant No. S-701-491 and has benefited from collaboration with the Laboratoire d'Automatique Théorique de l'Université de Paris VII, Paris, France.
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Haurie, A., Delfour, M.C. Individual and collective rationality in a dynamic Pareto equilibrium. J Optim Theory Appl 13, 290–302 (1974). https://doi.org/10.1007/BF00934866
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DOI: https://doi.org/10.1007/BF00934866