Optimal Social Policies in Mean Field Games
This paper analyzes problems in which a large benevolent player, controlling a set of policy variables, maximizes aggregate welfare in a continuous-time economy populated by atomistic agents subject to idiosyncratic shocks. We first provide as a benchmark the social optimum solution, in which a plan...
Saved in:
| Published in | Applied mathematics & optimization Vol. 76; no. 1; pp. 29 - 57 |
|---|---|
| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
New York
Springer US
01.08.2017
Springer Nature B.V |
| Subjects | |
| Online Access | Get full text |
Cover
Loading…
| Abstract | This paper analyzes problems in which a large benevolent player, controlling a set of policy variables, maximizes aggregate welfare in a continuous-time economy populated by atomistic agents subject to idiosyncratic shocks. We first provide as a benchmark the social optimum solution, in which a planner directly determines the individual controls. Then we analyze the optimal design of social policies depending on whether the large player may credibly commit to the future path of policies. On the one hand, we analyze the open-loop Stackelberg solution, in which the optimal policy path is set at time zero and the problem is time-inconsistent. On the other hand we analyze the time-consistent feedback Stackelberg solution. |
|---|---|
| AbstractList | This paper analyzes problems in which a large benevolent player, controlling a set of policy variables, maximizes aggregate welfare in a continuous-time economy populated by atomistic agents subject to idiosyncratic shocks. We first provide as a benchmark the social optimum solution, in which a planner directly determines the individual controls. Then we analyze the optimal design of social policies depending on whether the large player may credibly commit to the future path of policies. On the one hand, we analyze the open-loop Stackelberg solution, in which the optimal policy path is set at time zero and the problem is time-inconsistent. On the other hand we analyze the time-consistent feedback Stackelberg solution. |
| Author | Nuño, Galo |
| Author_xml | – sequence: 1 givenname: Galo surname: Nuño fullname: Nuño, Galo email: galonunobarrau@gmail.com organization: Banco de España |
| BookMark | eNp9kE9LAzEUxINUsK1-AG8LHiX6svm3OUqxVahUUM8hTRNJ2WZrsj347U1ZDyLoaS7zezNvJmgUu-gQuiRwQwDkbQaoGcdAJFaMUkxO0JgwWmMQIEZoDKA4ZoKIMzTJeQvFTgUdo-vVvg8701YvnQ1Fnrs22OByFWL15Eys5sG1m2phdi6fo1Nv2uwuvnWK3ub3r7MHvFwtHmd3S2wpET1mjV9vGm4btRZs4wX3vhGeEcl8qcaMU8pa7rkkIJ1QnLM1OG8sNQZsA4JO0dVwd5-6j4PLvd52hxRLpCaqpjWRjayLiwwum7qck_N6n8on6VMT0MdN9LCJLpvo4yaaFEb-YmzoTR-62CcT2n_JeiBzSYnvLv3o9Cf0BdQAdS4 |
| CitedBy_id | crossref_primary_10_1287_opre_2022_2395 crossref_primary_10_1016_j_enganabound_2024_106002 |
| Cites_doi | 10.1137/110841217 10.1016/j.crma.2006.09.018 10.1086/674363 10.1137/100790069 10.1137/120883499 10.2307/2118417 10.1016/j.crma.2006.09.019 10.1137/090758477 10.1016/j.jet.2015.07.005 10.1214/14-AOP946 10.1086/260580 10.1007/s11537-007-0657-8 10.1007/978-1-4614-8508-7 10.1137/120892477 10.1109/TAC.2012.2183439 10.1007/s00245-016-9385-x 10.1137/080735370 10.1146/annurev.economics.050708.142922 10.1214/15-AAP1125 10.1007/978-0-8176-4755-1 10.1007/s11579-012-0089-y 10.3982/ECTA5989 10.1142/9121 10.1137/120889496 10.1007/s00245-015-9309-1 10.2139/ssrn.1922706 10.1007/978-0-387-70914-7 10.1515/9781400830169 10.1109/CDC.2012.6425984 |
| ContentType | Journal Article |
| Copyright | Springer Science+Business Media, LLC 2017 Applied Mathematics & Optimization is a copyright of Springer, 2017. |
| Copyright_xml | – notice: Springer Science+Business Media, LLC 2017 – notice: Applied Mathematics & Optimization is a copyright of Springer, 2017. |
| DBID | AAYXX CITATION 3V. 7WY 7WZ 7XB 87Z 88I 8AO 8FE 8FG 8FK 8FL 8G5 ABJCF ABUWG AFKRA ARAPS AZQEC BENPR BEZIV BGLVJ CCPQU DWQXO FRNLG F~G GNUQQ GUQSH HCIFZ JQ2 K60 K6~ K7- L.- L6V M0C M2O M2P M7S MBDVC P5Z P62 PHGZM PHGZT PKEHL PQBIZ PQBZA PQEST PQGLB PQQKQ PQUKI PRINS PTHSS Q9U |
| DOI | 10.1007/s00245-017-9433-1 |
| DatabaseName | CrossRef ProQuest Central (Corporate) ABI/INFORM Collection ABI/INFORM Global (PDF only) ProQuest Central (purchase pre-March 2016) ABI/INFORM Collection Science Database (Alumni Edition) ProQuest Pharma Collection ProQuest SciTech Collection ProQuest Technology Collection ProQuest Central (Alumni) (purchase pre-March 2016) ABI/INFORM Collection (Alumni) ProQuest Research Library Materials Science & Engineering Collection ProQuest Central (Alumni) ProQuest Central UK/Ireland Advanced Technologies & Aerospace Collection ProQuest Central Essentials ProQuest Central Business Premium Collection Technology Collection ProQuest One ProQuest Central Business Premium Collection (Alumni) ABI/INFORM Global (Corporate) ProQuest Central Student ProQuest Research Library SciTech Premium Collection ProQuest Computer Science Collection ProQuest Business Collection (Alumni Edition) ProQuest Business Collection Computer Science Database ABI/INFORM Professional Advanced ProQuest Engineering Collection ABI/INFORM Global (OCUL) Research Library Science Database Engineering Database Research Library (Corporate) Advanced Technologies & Aerospace Database ProQuest Advanced Technologies & Aerospace Collection ProQuest Central Premium ProQuest One Academic ProQuest One Academic Middle East (New) ProQuest One Business ProQuest One Business (Alumni) ProQuest One Academic Eastern Edition (DO NOT USE) ProQuest One Applied & Life Sciences ProQuest One Academic ProQuest One Academic UKI Edition ProQuest Central China Engineering Collection ProQuest Central Basic |
| DatabaseTitle | CrossRef ABI/INFORM Global (Corporate) ProQuest Business Collection (Alumni Edition) ProQuest One Business Research Library Prep Computer Science Database ProQuest Central Student Technology Collection ProQuest One Academic Middle East (New) ProQuest Advanced Technologies & Aerospace Collection ProQuest Central Essentials ProQuest Computer Science Collection ProQuest Central (Alumni Edition) SciTech Premium Collection ProQuest One Community College Research Library (Alumni Edition) ProQuest Pharma Collection ProQuest Central China ABI/INFORM Complete ProQuest Central ABI/INFORM Professional Advanced ProQuest One Applied & Life Sciences ProQuest Engineering Collection ProQuest Central Korea ProQuest Research Library ProQuest Central (New) ABI/INFORM Complete (Alumni Edition) Engineering Collection Advanced Technologies & Aerospace Collection Business Premium Collection ABI/INFORM Global Engineering Database ProQuest Science Journals (Alumni Edition) ABI/INFORM Global (Alumni Edition) ProQuest Central Basic ProQuest Science Journals ProQuest One Academic Eastern Edition ProQuest Technology Collection ProQuest SciTech Collection ProQuest Business Collection Advanced Technologies & Aerospace Database ProQuest One Academic UKI Edition Materials Science & Engineering Collection ProQuest One Business (Alumni) ProQuest One Academic ProQuest One Academic (New) ProQuest Central (Alumni) Business Premium Collection (Alumni) |
| DatabaseTitleList | ABI/INFORM Global (Corporate) |
| Database_xml | – sequence: 1 dbid: 8FG name: ProQuest Technology Collection url: https://search.proquest.com/technologycollection1 sourceTypes: Aggregation Database |
| DeliveryMethod | fulltext_linktorsrc |
| Discipline | Engineering Mathematics |
| EISSN | 1432-0606 |
| EndPage | 57 |
| ExternalDocumentID | 10_1007_s00245_017_9433_1 |
| GroupedDBID | -52 -5D -5G -BR -EM -Y2 -~C -~X .86 .VR 06D 0R~ 0VY 1N0 1SB 2.D 203 23M 28- 2J2 2JN 2JY 2KG 2KM 2LR 2P1 2VQ 2~H 30V 3V. 4.4 406 408 409 40D 40E 5GY 5QI 5VS 67Z 6NX 78A 7WY 88I 8AO 8FE 8FG 8FL 8G5 8TC 8UJ 8VB 95- 95. 95~ 96X AAAVM AABHQ AACDK AAHNG AAIAL AAJBT AAJKR AANZL AARHV AARTL AASML AATNV AATVU AAUYE AAWCG AAYIU AAYQN AAYTO AAYZH ABAKF ABBBX ABBXA ABDBF ABDPE ABDZT ABECU ABFTV ABHLI ABHQN ABJCF ABJNI ABJOX ABKCH ABKTR ABMNI ABMQK ABNWP ABQBU ABQSL ABSXP ABTAH ABTEG ABTHY ABTKH ABTMW ABULA ABUWG ABWNU ABXPI ACAOD ACBXY ACDTI ACGFS ACGOD ACHSB ACHXU ACIWK ACKNC ACMDZ ACMLO ACNCT ACOKC ACOMO ACPIV ACUHS ACZOJ ADHHG ADHIR ADIMF ADINQ ADKNI ADKPE ADRFC ADTPH ADURQ ADYFF ADZKW AEBTG AEFIE AEFQL AEGAL AEGNC AEJHL AEJRE AEKMD AEMOZ AEMSY AENEX AEOHA AEPYU AESKC AETLH AEVLU AEXYK AFBBN AFEXP AFFNX AFGCZ AFKRA AFLOW AFQWF AFWTZ AFZKB AGAYW AGDGC AGGDS AGJBK AGMZJ AGQEE AGQMX AGRTI AGWIL AGWZB AGYKE AHAVH AHBYD AHKAY AHQJS AHSBF AHYZX AI. AIAKS AIGIU AIIXL AILAN AITGF AJBLW AJRNO AJZVZ AKVCP ALMA_UNASSIGNED_HOLDINGS ALWAN AMKLP AMXSW AMYLF AMYQR AOCGG ARAPS ARMRJ ASPBG AVWKF AXYYD AYJHY AZFZN AZQEC B-. B0M BA0 BAPOH BBWZM BDATZ BENPR BEZIV BGLVJ BGNMA BPHCQ BSONS CAG CCPQU COF CS3 CSCUP DDRTE DL5 DNIVK DPUIP DWQXO EAD EAP EBA EBLON EBR EBS EBU EIOEI EJD EMI EMK EPL ESBYG EST ESX FEDTE FERAY FFXSO FIGPU FINBP FNLPD FRNLG FRRFC FSGXE FWDCC GGCAI GGRSB GJIRD GNUQQ GNWQR GQ6 GQ7 GROUPED_ABI_INFORM_COMPLETE GUQSH GXS H13 HCIFZ HF~ HG5 HG6 HMJXF HQYDN HRMNR HVGLF HZ~ I-F I09 IHE IJ- IKXTQ ITM IWAJR IXC IZQ I~X I~Z J-C J0Z JBSCW JCJTX JZLTJ K1G K60 K6V K6~ K7- KDC KOV KOW L6V LAS LLZTM M0C M2O M2P M4Y M7S MA- N2Q N9A NB0 NDZJH NPVJJ NQJWS NU0 O9- O93 O9G O9I O9J OAM P19 P2P P62 P9R PF0 PQBIZ PQBZA PQQKQ PROAC PT4 PT5 PTHSS Q2X QOK QOS QWB R4E R89 R9I RHV RIG RNI RNS ROL RPX RSV RZK S16 S1Z S26 S27 S28 S3B SAP SCLPG SDD SDH SDM SHX SISQX SJYHP SMT SNE SNPRN SNX SOHCF SOJ SPISZ SRMVM SSLCW STPWE SZN T13 T16 T9H TH9 TN5 TSG TSK TSV TUC TUS TWZ U2A UG4 UOJIU UTJUX UZXMN VC2 VFIZW VH1 W23 W48 WH7 WHG WJK WK8 YLTOR Z45 Z81 Z8U ZL0 ZMTXR ZWQNP ZY4 ~8M ~EX AAPKM AAYXX ABBRH ABDBE ABFSG ACSTC ADHKG ADXHL AEZWR AFDZB AFHIU AFOHR AGQPQ AHPBZ AHWEU AIXLP AMVHM ATHPR AYFIA CITATION PHGZM PHGZT 7XB 8FK ABRTQ JQ2 L.- MBDVC PKEHL PQEST PQGLB PQUKI PRINS Q9U |
| ID | FETCH-LOGICAL-c316t-48fbd85c89b64df65ff86f4174f9434ae99cc5f57107e69554b0efac3aa0c8063 |
| IEDL.DBID | U2A |
| ISSN | 0095-4616 |
| IngestDate | Fri Jul 25 19:06:41 EDT 2025 Tue Jul 01 01:29:29 EDT 2025 Thu Apr 24 22:58:14 EDT 2025 Fri Feb 21 02:26:26 EST 2025 |
| IsPeerReviewed | true |
| IsScholarly | true |
| Issue | 1 |
| Keywords | Time-inconsistency Mean field games Stackelberg solution Gateaux derivative Mean field control |
| Language | English |
| LinkModel | DirectLink |
| MergedId | FETCHMERGED-LOGICAL-c316t-48fbd85c89b64df65ff86f4174f9434ae99cc5f57107e69554b0efac3aa0c8063 |
| Notes | ObjectType-Article-1 SourceType-Scholarly Journals-1 ObjectType-Feature-2 content type line 14 |
| PQID | 1923217872 |
| PQPubID | 47316 |
| PageCount | 29 |
| ParticipantIDs | proquest_journals_1923217872 crossref_primary_10_1007_s00245_017_9433_1 crossref_citationtrail_10_1007_s00245_017_9433_1 springer_journals_10_1007_s00245_017_9433_1 |
| ProviderPackageCode | CITATION AAYXX |
| PublicationCentury | 2000 |
| PublicationDate | 20170800 2017-8-00 20170801 |
| PublicationDateYYYYMMDD | 2017-08-01 |
| PublicationDate_xml | – month: 8 year: 2017 text: 20170800 |
| PublicationDecade | 2010 |
| PublicationPlace | New York |
| PublicationPlace_xml | – name: New York |
| PublicationTitle | Applied mathematics & optimization |
| PublicationTitleAbbrev | Appl Math Optim |
| PublicationYear | 2017 |
| Publisher | Springer US Springer Nature B.V |
| Publisher_xml | – name: Springer US – name: Springer Nature B.V |
| References | Brezis (CR10) 2011 Kydland, Prescott (CR31) 1977; 85 Lasry, Lions (CR32) 2006; 343 Carmona, Delarue (CR11) 2013; 51 Nuño, Moll (CR42) 2017 Achdou, Han, Lasry, Lions, Moll (CR3) 2015 Lucas, Moll (CR37) 2014; 122 Heathcote, Storesletten, Violante (CR26) 2009; 1 Bewley, Hildenbrand, Mas-Collel (CR9) 1986 Carmona, Delarue (CR12) 2013; 18 Fleming, Soner (CR22) 2006 Fabbri, Gozzi, Swiech (CR20) 2016 CR8 Luenberger (CR38) 1969 Nourian, Caines (CR41) 2013; 51 Basar, Olsder (CR6) 1999 Bardi, Capuzzo-Dolcetta (CR5) 1997 Dyrda, Pedroni (CR19) 2014 CR48 Nguyen, Huang (CR39) 2012; 50 CR46 CR45 CR44 Aiyagari (CR4) 1994; 109 CR40 Carmona, Zhu (CR16) 2014; 26 Yong (CR50) 2015 Sagan (CR47) 1992 Lasry, Lions (CR33) 2006; 343 Carmona, Delarue (CR13) 2015; 43 Ljungqvist, Sargent (CR36) 2012 Graber (CR25) 2016; 74 Itskhoki, Moll (CR30) 2015 Achdou, Camilli, Capuzzo-Dolcetta (CR1) 2012; 50 Achdou, Capuzzo-Dolcetta (CR2) 2010; 48 CR15 Huang, Caines, Malhamé (CR29) 2012; 57 Carmona, Delarue, Lachapelle (CR14) 2013; 7 Nuño, Thomas (CR43) 2017 Bensoussan, Frehse, Yam (CR7) 2013 Gelfand, Fomin (CR23) 1991 CR27 Dockner, Jorgensen, Van Long, Sorger (CR18) 2001 CR24 Huang (CR28) 2010; 48 Yong (CR49) 2013; 51 Falcone, Ferretti (CR21) 2014 Lippi, Ragni, Trachter (CR35) 2015; 159 Dávila, Hong, Krusell, Ríos-Rull (CR17) 2012; 80 Lasry, Lions (CR34) 2007; 2 G Nuño (9433_CR42) 2017 J Yong (9433_CR50) 2015 M Bardi (9433_CR5) 1997 R Carmona (9433_CR11) 2013; 51 Y Achdou (9433_CR2) 2010; 48 D Luenberger (9433_CR38) 1969 9433_CR44 WH Fleming (9433_CR22) 2006 9433_CR46 9433_CR45 9433_CR48 A Bensoussan (9433_CR7) 2013 O Itskhoki (9433_CR30) 2015 M Huang (9433_CR29) 2012; 57 R Lucas (9433_CR37) 2014; 122 JM Lasry (9433_CR32) 2006; 343 J Heathcote (9433_CR26) 2009; 1 Y Achdou (9433_CR3) 2015 9433_CR40 S Dyrda (9433_CR19) 2014 JM Lasry (9433_CR34) 2007; 2 R Carmona (9433_CR14) 2013; 7 R Carmona (9433_CR13) 2015; 43 J Yong (9433_CR49) 2013; 51 R Carmona (9433_CR12) 2013; 18 R Aiyagari (9433_CR4) 1994; 109 M Falcone (9433_CR21) 2014 T Bewley (9433_CR9) 1986 M Huang (9433_CR28) 2010; 48 H Sagan (9433_CR47) 1992 H Brezis (9433_CR10) 2011 IM Gelfand (9433_CR23) 1991 9433_CR27 L Ljungqvist (9433_CR36) 2012 9433_CR8 9433_CR24 PJ Graber (9433_CR25) 2016; 74 F Lippi (9433_CR35) 2015; 159 G Fabbri (9433_CR20) 2016 JM Lasry (9433_CR33) 2006; 343 R Carmona (9433_CR16) 2014; 26 SL Nguyen (9433_CR39) 2012; 50 Y Achdou (9433_CR1) 2012; 50 G Nuño (9433_CR43) 2017 F Kydland (9433_CR31) 1977; 85 EJ Dockner (9433_CR18) 2001 9433_CR15 J Dávila (9433_CR17) 2012; 80 T Basar (9433_CR6) 1999 M Nourian (9433_CR41) 2013; 51 |
| References_xml | – ident: CR45 – year: 2016 ident: CR20 publication-title: Stochastic Optimal Control in Infinite Dimensions: Dynamic Programming and HJB Equations, with Chapter 6 by M. Fuhrman and G. Tessitore – volume: 50 start-page: 2907 issue: 5 year: 2012 end-page: 2937 ident: CR39 article-title: Linear-quadratic-Gaussian mixed games with continuum-parametrized minor players publication-title: SIAM J. Control Optim. doi: 10.1137/110841217 – volume: 343 start-page: 679 year: 2006 end-page: 684 ident: CR33 article-title: Jeux à champ moyen II. Horizon fini et contrôle optimal publication-title: C. R. Acad. Sci. Ser. I doi: 10.1016/j.crma.2006.09.018 – year: 1986 ident: CR9 article-title: Stationary monetary equilibrium with a continuum of independently fluctuating consumers publication-title: Contributions to Mathematical economics in Honor of Gerard Debreu – volume: 122 start-page: 1 issue: 1 year: 2014 end-page: 51 ident: CR37 article-title: Knowledge growth and the allocation of time publication-title: J. Polit. Econ. doi: 10.1086/674363 – year: 2014 ident: CR21 publication-title: Semi-Lagrangian Approximation Schemes for Linear and Hamilton-Jacobi Equations – volume: 50 start-page: 77 year: 2012 end-page: 109 ident: CR1 article-title: Mean field games: numerical methods for the planning problem publication-title: SIAM J. Control Optim. doi: 10.1137/100790069 – ident: CR8 – volume: 51 start-page: 2705 issue: 2013 year: 2013 end-page: 2734 ident: CR11 article-title: Probabilistic analysis of mean-field games publication-title: SIAM J. Control Optim. doi: 10.1137/120883499 – volume: 109 start-page: 659 issue: 3 year: 1994 end-page: 684 ident: CR4 article-title: Uninsured idiosyncratic risk and aggregate saving publication-title: Q. J. Econ. doi: 10.2307/2118417 – volume: 343 start-page: 619 year: 2006 end-page: 625 ident: CR32 article-title: Jeux à champ moyen I—Le cas stationnaire publication-title: C. R. Acad. Sci. Ser I doi: 10.1016/j.crma.2006.09.019 – ident: CR46 – ident: CR15 – volume: 18 start-page: 1 issue: 68 year: 2013 end-page: 15 ident: CR12 article-title: Mean field forward-backward stochastic differential equations publication-title: Electron. Commun. Probab. – volume: 48 start-page: 1136 year: 2010 end-page: 1162 ident: CR2 article-title: Mean field games: numerical methods publication-title: SIAM J. Numer. Anal. doi: 10.1137/090758477 – volume: 159 start-page: 339 year: 2015 end-page: 368 ident: CR35 article-title: Optimal monetary policy with heterogeneous money holdings publication-title: J. Econ. Theory doi: 10.1016/j.jet.2015.07.005 – volume: 43 start-page: 2647 issue: 5 year: 2015 end-page: 2700 ident: CR13 article-title: Forward-backward stochastic differential equations and controlled McKean-Vlasov dynamics publication-title: Ann. Probab. doi: 10.1214/14-AOP946 – volume: 85 start-page: 473 year: 1977 end-page: 490 ident: CR31 article-title: Rules rather than discretion: the inconsistency of optimal plans publication-title: J. Polit. Econ. doi: 10.1086/260580 – year: 2014 ident: CR19 publication-title: Optimal Fiscal Policy in a Model with Uninsurable Idiosyncratic Shocks – volume: 2 start-page: 229 year: 2007 end-page: 260 ident: CR34 article-title: Mean field games publication-title: Jpn. J. Math. doi: 10.1007/s11537-007-0657-8 – year: 2013 ident: CR7 publication-title: Mean Field Games and Mean Field Type Control Theory doi: 10.1007/978-1-4614-8508-7 – volume: 51 start-page: 2809 year: 2013 end-page: 2838 ident: CR49 article-title: Linear-quadratic optimal control problems for mean-field stochastic differential equations publication-title: SIAM J. Control Optim. doi: 10.1137/120892477 – volume: 57 start-page: 1736 issue: 7 year: 2012 end-page: 1751 ident: CR29 article-title: Social optima in mean field LQG control: centralized and decentralized strategies publication-title: IEEE Trans. Autom. Control doi: 10.1109/TAC.2012.2183439 – year: 1969 ident: CR38 publication-title: Optimization by Vector Space Methods – year: 2015 ident: CR3 publication-title: Heterogeneous Agent Models in Continuous Time – volume: 74 start-page: 459 issue: 3 year: 2016 end-page: 486 ident: CR25 article-title: Linear quadratic mean field type control and mean field games with common noise, with application to production of an exhaustible resource publication-title: Appl. Math. Optim. doi: 10.1007/s00245-016-9385-x – year: 2017 ident: CR43 publication-title: Optimal Monetary Policy with Heterogeneous Agents – year: 2011 ident: CR10 publication-title: Functional Analysis, Sobolev Spaces and Partial Differential Equations – volume: 48 start-page: 3318 issue: 5 year: 2010 end-page: 3353 ident: CR28 article-title: Large-population LQG games involving a major player: the nash certainty equivalence principle publication-title: SIAM J. Control Optim. doi: 10.1137/080735370 – year: 2006 ident: CR22 publication-title: Controlled Markov Processes and Viscosity Solutions – volume: 1 start-page: 319 year: 2009 end-page: 354 ident: CR26 article-title: Quantitative macroeconomics with heterogeneous households publication-title: Annu. Rev. Econ. doi: 10.1146/annurev.economics.050708.142922 – ident: CR40 – ident: CR27 – year: 2015 ident: CR30 publication-title: Optimal Development Policies with Financial Frictions – ident: CR44 – volume: 26 start-page: 1535 year: 2014 end-page: 1580 ident: CR16 article-title: A probabilistic approach to mean field games with major and minor players publication-title: Ann. Appl. Probab. doi: 10.1214/15-AAP1125 – ident: CR48 – year: 1997 ident: CR5 publication-title: Optimal Control and Viscosity Solutions of Hamilton-Jacobi-Bellman Equations doi: 10.1007/978-0-8176-4755-1 – year: 2017 ident: CR42 publication-title: Social Optima in Economies with Heterogeneous Agents – year: 2012 ident: CR36 publication-title: Recursive Macroeconomic Theory – volume: 7 start-page: 131 year: 2013 end-page: 166 ident: CR14 article-title: Control of McKean-Vlasov dynamics versus mean field games publication-title: Math. Financ. Econ. doi: 10.1007/s11579-012-0089-y – volume: 80 start-page: 2431 issue: 6 year: 2012 end-page: 2467 ident: CR17 article-title: Constrained efficiency in the neoclassical growth model with uninsurable idiosyncratic shocks publication-title: Econometrica doi: 10.3982/ECTA5989 – year: 1992 ident: CR47 publication-title: Introduction to the Calculus of Variations – year: 2015 ident: CR50 publication-title: Differential Games : A Concise Introduction doi: 10.1142/9121 – volume: 51 start-page: 3302 issue: 4 year: 2013 end-page: 3331 ident: CR41 article-title: -Nash mean field game theory for nonlinear stochastic dynamical systems with major and minor agents publication-title: SIAM J. Control Optim. doi: 10.1137/120889496 – year: 1999 ident: CR6 publication-title: Dynamic Noncooperative Game Theory – year: 2001 ident: CR18 publication-title: Differential Games in Economics and Management Science – ident: CR24 – year: 1991 ident: CR23 publication-title: Calculus of Variations – volume: 85 start-page: 473 year: 1977 ident: 9433_CR31 publication-title: J. Polit. Econ. doi: 10.1086/260580 – volume: 1 start-page: 319 year: 2009 ident: 9433_CR26 publication-title: Annu. Rev. Econ. doi: 10.1146/annurev.economics.050708.142922 – ident: 9433_CR8 doi: 10.1007/s00245-015-9309-1 – volume: 18 start-page: 1 issue: 68 year: 2013 ident: 9433_CR12 publication-title: Electron. Commun. Probab. – volume: 343 start-page: 679 year: 2006 ident: 9433_CR33 publication-title: C. R. Acad. Sci. Ser. I doi: 10.1016/j.crma.2006.09.018 – volume-title: Differential Games : A Concise Introduction year: 2015 ident: 9433_CR50 doi: 10.1142/9121 – volume-title: Optimal Development Policies with Financial Frictions year: 2015 ident: 9433_CR30 – ident: 9433_CR24 doi: 10.2139/ssrn.1922706 – volume-title: Optimal Fiscal Policy in a Model with Uninsurable Idiosyncratic Shocks year: 2014 ident: 9433_CR19 – volume-title: Optimal Control and Viscosity Solutions of Hamilton-Jacobi-Bellman Equations year: 1997 ident: 9433_CR5 doi: 10.1007/978-0-8176-4755-1 – volume: 51 start-page: 3302 issue: 4 year: 2013 ident: 9433_CR41 publication-title: SIAM J. Control Optim. doi: 10.1137/120889496 – ident: 9433_CR44 – ident: 9433_CR27 – volume: 122 start-page: 1 issue: 1 year: 2014 ident: 9433_CR37 publication-title: J. Polit. Econ. doi: 10.1086/674363 – volume: 51 start-page: 2705 issue: 2013 year: 2013 ident: 9433_CR11 publication-title: SIAM J. Control Optim. doi: 10.1137/120883499 – volume-title: Functional Analysis, Sobolev Spaces and Partial Differential Equations year: 2011 ident: 9433_CR10 doi: 10.1007/978-0-387-70914-7 – volume: 57 start-page: 1736 issue: 7 year: 2012 ident: 9433_CR29 publication-title: IEEE Trans. Autom. Control doi: 10.1109/TAC.2012.2183439 – volume: 343 start-page: 619 year: 2006 ident: 9433_CR32 publication-title: C. R. Acad. Sci. Ser I doi: 10.1016/j.crma.2006.09.019 – volume-title: Controlled Markov Processes and Viscosity Solutions year: 2006 ident: 9433_CR22 – volume-title: Contributions to Mathematical economics in Honor of Gerard Debreu year: 1986 ident: 9433_CR9 – volume-title: Stochastic Optimal Control in Infinite Dimensions: Dynamic Programming and HJB Equations, with Chapter 6 by M. Fuhrman and G. Tessitore year: 2016 ident: 9433_CR20 – volume: 48 start-page: 3318 issue: 5 year: 2010 ident: 9433_CR28 publication-title: SIAM J. Control Optim. doi: 10.1137/080735370 – volume-title: Heterogeneous Agent Models in Continuous Time year: 2015 ident: 9433_CR3 – volume: 109 start-page: 659 issue: 3 year: 1994 ident: 9433_CR4 publication-title: Q. J. Econ. doi: 10.2307/2118417 – ident: 9433_CR45 – volume-title: Recursive Macroeconomic Theory year: 2012 ident: 9433_CR36 – volume: 43 start-page: 2647 issue: 5 year: 2015 ident: 9433_CR13 publication-title: Ann. Probab. doi: 10.1214/14-AOP946 – volume: 2 start-page: 229 year: 2007 ident: 9433_CR34 publication-title: Jpn. J. Math. doi: 10.1007/s11537-007-0657-8 – volume-title: Introduction to the Calculus of Variations year: 1992 ident: 9433_CR47 – volume-title: Dynamic Noncooperative Game Theory year: 1999 ident: 9433_CR6 – volume: 159 start-page: 339 year: 2015 ident: 9433_CR35 publication-title: J. Econ. Theory doi: 10.1016/j.jet.2015.07.005 – volume-title: Optimization by Vector Space Methods year: 1969 ident: 9433_CR38 – volume: 50 start-page: 2907 issue: 5 year: 2012 ident: 9433_CR39 publication-title: SIAM J. Control Optim. doi: 10.1137/110841217 – ident: 9433_CR48 doi: 10.1515/9781400830169 – volume-title: Differential Games in Economics and Management Science year: 2001 ident: 9433_CR18 – ident: 9433_CR46 – volume: 26 start-page: 1535 year: 2014 ident: 9433_CR16 publication-title: Ann. Appl. Probab. doi: 10.1214/15-AAP1125 – volume-title: Semi-Lagrangian Approximation Schemes for Linear and Hamilton-Jacobi Equations year: 2014 ident: 9433_CR21 – volume: 50 start-page: 77 year: 2012 ident: 9433_CR1 publication-title: SIAM J. Control Optim. doi: 10.1137/100790069 – volume: 51 start-page: 2809 year: 2013 ident: 9433_CR49 publication-title: SIAM J. Control Optim. doi: 10.1137/120892477 – ident: 9433_CR15 – volume-title: Mean Field Games and Mean Field Type Control Theory year: 2013 ident: 9433_CR7 doi: 10.1007/978-1-4614-8508-7 – volume: 7 start-page: 131 year: 2013 ident: 9433_CR14 publication-title: Math. Financ. Econ. doi: 10.1007/s11579-012-0089-y – ident: 9433_CR40 doi: 10.1109/CDC.2012.6425984 – volume: 80 start-page: 2431 issue: 6 year: 2012 ident: 9433_CR17 publication-title: Econometrica doi: 10.3982/ECTA5989 – volume-title: Social Optima in Economies with Heterogeneous Agents year: 2017 ident: 9433_CR42 – volume-title: Calculus of Variations year: 1991 ident: 9433_CR23 – volume: 74 start-page: 459 issue: 3 year: 2016 ident: 9433_CR25 publication-title: Appl. Math. Optim. doi: 10.1007/s00245-016-9385-x – volume-title: Optimal Monetary Policy with Heterogeneous Agents year: 2017 ident: 9433_CR43 – volume: 48 start-page: 1136 year: 2010 ident: 9433_CR2 publication-title: SIAM J. Numer. Anal. doi: 10.1137/090758477 |
| SSID | ssj0002363 |
| Score | 2.1139874 |
| Snippet | This paper analyzes problems in which a large benevolent player, controlling a set of policy variables, maximizes aggregate welfare in a continuous-time... |
| SourceID | proquest crossref springer |
| SourceType | Aggregation Database Enrichment Source Index Database Publisher |
| StartPage | 29 |
| SubjectTerms | Calculus of Variations and Optimal Control; Optimization Continuity (mathematics) Control Economic models Games Mathematical and Computational Physics Mathematical Methods in Physics Mathematics Mathematics and Statistics Numerical and Computational Physics Optimization Simulation Social policy Systems Theory Theoretical |
| SummonAdditionalLinks | – databaseName: ProQuest Central dbid: BENPR link: http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwfV3PS8MwFA66XfQg_sTplB48OYJtkybpSVScQ9gUcbBbyU8QtJtu_v--dOk2BXcsbUL5Xvvel7yX7yF0YbWKZcYNTrlJMRXK4JzKBBNLIFhyJYjxGd3-gPWG9HGUjcKG2zSUVdY-sXLUZqz9HvmVZyJAnwVPryef2HeN8tnV0EJjEzXBBQtYfDVv7wfPLwtfnJLQSy3PMGUJq_OacSUjmlJfuMbh7QjBye_ItKSbfzKkVeDp7qKdwBijm7mJ99CGLffR9oqOIFz1F-Kr0wPUeQI38AFD5kdvo0r6FxbE0VsZ9a0so66vWosefH3sIRp271_vejj0RMCaJGwGaDplRKZFrhg1jmXOCeYorCucV3qTNs-1zlwGxIFblgNZULF1UhMpYy2AjxyhRjku7TGKlDVaOgMcimvKZC5jQ11ihVVeI4bLFoprPAodBMN934r3YiF1XEFYAISFh7BIWuhyMWQyV8tY93C7BrkIP860WJq5hTo18Cu3_5vsZP1kp2gr9ZauKvfaqDH7-rZnwCZm6jx8Mj9zwMOL priority: 102 providerName: ProQuest |
| Title | Optimal Social Policies in Mean Field Games |
| URI | https://link.springer.com/article/10.1007/s00245-017-9433-1 https://www.proquest.com/docview/1923217872 |
| Volume | 76 |
| hasFullText | 1 |
| inHoldings | 1 |
| isFullTextHit | |
| isPrint | |
| link | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwlV3PS8MwFA66XfQg_sTpHD14cgTaJk2T4ybrRNkUcaCnkp8gaBU3_39furZOUcFTKE1y-JK89z3eyxeETq1WoUxSg-PUxJhyZbCgMsLEEnCWqeLE-IzuZMouZvTyPrmv7nHP62r3OiVZWurmsluZJcTeqgpKCIaQp5340B028SweNOY3JtXzaSLBlEWsTmX-NMVXZ_TJML8lRUtfk22jrYokBoPlqu6gNVvsos0V6UD4mjR6q_M91L-Gk_8MQ5a3bYNS7Rdi4OCxCCZWFkHmC9WCsS-J3UezbHR3foGrZxCwJhFbAIBOGZ5oLhSjxrHEOc4chVDCeXE3aYXQOnEJcIXUMgH8QIXWSU2kDDUHCnKAWsVLYQ9RoKzR0hmgTammTAoZGuoiy63ysjCp7KCwxiPXlUa4f6riKW_UjUsIc4Aw9xDmUQedNUNelwIZf3Xu1iDn1VmZ555jQmDE07iD-jXwK79_m-zoX72P0UbsF76s3eui1uLt3Z4An1ioHlrn2biH2oNsOJz6dvxwNYJ2OJre3PbK3fUBjMzEMg |
| linkProvider | Springer Nature |
| linkToHtml | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwtV3JTsMwEB2xHIADYhVlzQEuIIskdhzngBACSlkKFyr1FrxKSBCWFiF-im9knCZlkeDGMUpsRc_jmZfM-A3AptUqlElqSJyamDChDMmYjAi1FINlqgQ1PqPbvuStDjvrJt0ReK_Pwviyytonlo7aPGj_j3zXMxGkzyKN9x-fiO8a5bOrdQuNgVmc27dX_GTr7Z0e4fpuxXHz-PqwRaquAkTTiPfxfZwyItEiU5wZxxPnBHcMmbnzWmnSZpnWiUsw9KaWZxhuVWid1FTKUAuM6DjvKIwzSjO_o0TzZOj5Y1p1bssSwnjE6yxqWIqWxsyXyaWIBaUk-h4HP8ntj3xsGeaaMzBd8dPgYGBQszBiizmY-qJaiFftodRrbx52rtDp3OOQwUHfoBQaxs_v4LYI2lYWQdPXyAUnvhp3ATr_gtUijBUPhV2CQFmjpTPI2FLNuMxkaJiLrLDKK9KksgFhjUeuK3ly3yXjLh8KK5cQ5ghh7iHMowZsD4c8DrQ5_np4tQY5r7ZpL_80qgbs1MB_uf3bZMt_T7YBE63r9kV-cXp5vgKTsV_1smZwFcb6zy92DXlMX62XxhPAzX9b6wcDFf93 |
| linkToPdf | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwtV3JSsRAEC10BNGDuOLoqDnoRWnM0ulODiLqOK4ziih4i72CoHGZEfHX_DqrM8m4gN48hqSL8LrS9TpV_Qpg1Sjpi5hrEnIdEppITVIqAhKZCIMll0mkXUa33WGHV_T4Or4egvfqLIwrq6zWxGKh1g_K_SPfdEwE6XPCw01blkWcN1vbj0_EdZBymdaqnUbfRU7M2ytu37pbR02c67UwbO1f7h2SssMAUVHAevhuVuokVkkqGdWWxdYmzFJk6dbppgmTpkrFNsYwzA1LMfRK31ihIiF8lWB0R7vDMMJxV-TXYGR3v3N-MYgDYVT2cUtjQlnAqpyqX0iYhtQVzXFEJopI8D0qflLdH9nZIui1JmGiZKveTt-9pmDI5NMw_kXDEK_aA-HX7gxsnOESdI9D-sd-vUJ2GDfj3m3utY3IvZarmPMOXG3uLFz9C1pzUMsfcjMPnjRaCauRv3FFmUiFr6kNTGKk06fhog5-hUemSrFy1zPjLhvILBcQZghh5iDMgjqsD4Y89pU6_nq4UYGclR9tN_t0sTpsVMB_uf2bsYW_ja3AKHpqdnrUOVmEsdBNelFA2IBa7_nFLCGp6cnl0ns8uPlvh_0AWikFGA |
| openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Optimal+Social+Policies+in+Mean+Field+Games&rft.jtitle=Applied+mathematics+%26+optimization&rft.au=Nu%C3%B1o%2C+Galo&rft.date=2017-08-01&rft.pub=Springer+US&rft.issn=0095-4616&rft.eissn=1432-0606&rft.volume=76&rft.issue=1&rft.spage=29&rft.epage=57&rft_id=info:doi/10.1007%2Fs00245-017-9433-1&rft.externalDocID=10_1007_s00245_017_9433_1 |
| thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=0095-4616&client=summon |
| thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=0095-4616&client=summon |
| thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=0095-4616&client=summon |