Markov-Perfect Network Formation ∗
Markov-Perfect Network Formation ∗
复制标题
马尔可夫完美网络形成*
DOI：
--
复制
发表时间：
2010
期刊：
影响因子：
--
通讯作者：
Kyna Fong
中科院分区：
文献类型：
--
作者：
Robin S. Lee;Kyna Fong
我们建立了一个具有转移的网络形成的动态模型，并详细说明了agent仅以当前网络状态为条件的马尔可夫完美均衡的规范和计算。应用包括对买卖双方网络、双边寡头垄断和动态兼并的研究。该框架将每个代理的静态利润作为每个网络状态的函数，并可以计算实现的均衡网络结构的循环类和每个代理获取的合同价格或租金。在医疗保健领域的一个例子中，我们模拟了保险公司和医疗服务提供者之间的谈判。模拟结果表明，有效的网络可能并不总是在均衡状态下实现，并且以前应用工作中利用的静态纳什均衡条件可能不适用于动态环境，从而导致协商支付的预测决定因素不同。我们还演示了如何通过观察已实现的均衡网络结构来部分识别代理的“议价能力”和代理之间的相关转移。
We develop a dynamic model of network formation with transfers, and detail the specification and computation of a Markov-Perfect equilibrium whereby agents only condition on the current network state. Applications include the study of buyer-seller networks, bilateral oligopoly, and dynamic mergers. The framework takes as primitives each agent’s static profits as a function of each network state, and can compute both the recurrent class of equilibrium network structures that are realized and the contracted prices or rents captured by each agent. In an example drawn from healthcare, we model the negotiations between insurance firms and medical providers. Simulations reveal the efficient network may not always be realized in equilibrium, and that static Nash equilibrium conditions leveraged in previous applied work may not hold in dynamic environments, leading to different predicted determinants of negotiated payments. We also demonstrate how agents’ “bargaining power” and associated transfers between agents can be partially identified from observing realized equilibrium network structures.