In 1953, Lloyd Shapley contributed his paper "Stochastic games" to PNAS. In this paper, he defined the model of stochastic games, which were the first general dynamic model of a game to be defined, and proved that it admits a stationary equilibrium. In this Perspective, we summarize the historical context and the impact of Shapley's contribution.

This paper examines monetary and fiscal policy through the estimation of a New-Keynesian dynamic general equilibrium model for Iran’s economy. In this New-Keynesian dynamic general equilibrium model, the consumers encounter the liquidity constraint and the firms face sticky prices, while they are changing them. In the model presented, a role is considered for both government spending and taxati...

The design of China’s industrial carbon reduction policies is still in its early stages, so currently, comparing the effectiveness various emission can help China policies. This paper develops a dynamic stochastic general equilibrium (DSGE) model manufacturing industry and investigates impact innovation on environmental protection technology, emissions tax, government expenditures output indust...

The Nash equilibrium is a key concept in game theory and in economic theory. However, as a static notion it does not help us to understand how the equilibrium is reached or how an equilibrium is selected when a game has multiple equilibria. Thus, dynamical models that are based on best responding, i.e., models where the players are trying to maximize their payoffs in order the reach an equilibr...

Cooperative advertising is a cost-sharing mechanism in which a part of retailers' advertising investments are financed by the manufacturers. In recent years, investment among advertising options has become a difficult marketing issue. In this paper, the cooperative advertising problem with advertising options is investigated in a two-period horizon in which the market share in the second period...