|Date: Monday, March 05, 2018
Location: 1360 East Hall (4:00 PM to 5:00 PM)
Title: On the (in)efficiency of mean field games.
Abstract: Mean field games (MFG) are dynamic games with infinitely many infinitesimal agents. In this joint work with C. Rainer, we study the efficiency of Nash MFG equilibria: Namely, we compare the social cost of an MFG equilibrium with the minimal cost a global planner can achieve. We find a structure condition on the problem under which there exists efficient MFG equilibria and, in case this condition is not fulfilled, quantify how inefficient MFG equilibria are.
Speaker: Pierre Cardaliguet
Institution: Paris Dauphine