Process Spillovers and Growth: A Comment on the Existence of a Stable Closed-Loop Nash Equilibrium

Luckraz, Shravan
April 2011
Journal of Optimization Theory & Applications;Apr2011, Vol. 149 Issue 1, p229
Academic Journal
In a recent paper Luckraz (J. Optim. Theory Appl. 139:315-335, ) develops a differential game model to show that a lack of intellectual property protection can improve economic growth in economies, where large technology gaps prevail. However, this conclusion depends crucially on the fact that the closed-loop equilibrium of the model degenerates to the open-loop equilibrium. This note generalizes the results of Luckraz by formulating a setup in which the closed-loop equilibrium does not degenerate to the open-loop equilibrium of the differential game.


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