Various imperfections in existing market systems prevent the
free market from serving as a truly efficient allocation mechanism,
but optimization of economic activities provides an effective
remedial measure. Cooperative optimization claims that socially
optimal and individually rational solutions to decision problems
involving strategic action over time exist. To ensure that
cooperation will last throughout the agreement period, however, the
stringent condition of subgame consistency is required.
This textbook presents a study of subgame consistent economic
optimization, developing game-theoretic optimization techniques to
establish the foundation for an effective policy menu to tackle the
suboptimal behavior that the conventional market mechanism fails to
resolve.
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