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SUMMARY:Stochastic Differential Games and Applications to Energy and Consu
 mer Goods Markets - Ronnie Sircar (Princeton)
DTSTART:20101012T153000Z
DTEND:20101012T163000Z
UID:TALK26751@talks.cam.ac.uk
CONTACT:Berestycki
DESCRIPTION:We discuss Cournot and Bertrand models of oligopolies\, first 
 in the context of static games and then in dynamic models. The static game
 s\, involving firms with different costs\, lead to questions of how many c
 ompetitors actively participate in a Nash equilibrium and how many are sid
 elined or blockaded from entry. The dynamic games lead to systems of nonli
 near partial differential equations for which we discuss asymptotic and nu
 merical approximations. Applications include competition between energy pr
 oducers in the face of exhaustible resources such as oil (Cournot)\; and m
 arkets for substitutable consumer goods (Bertrand). Joint work with Chris 
 Harris\, Sam Howison and Andrew Ledvina. 
LOCATION:MR12\, CMS\, Wilberforce Road\, Cambridge\, CB3 0WB
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