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arXiv · 1802.06637

On the (in)efficiency of MFG equilibria

Pierre Cardaliaguet·Catherine Rainer
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Abstract

Mean field games (MFG) are dynamic games with infinitely many infinitesimal agents. In this context, we study the efficiency of Nash MFG equilibria: Namely, we compare the social cost of a MFG equilibrium with the minimal cost a global planner can achieve. We find a structure condition on the game under which there exists efficient MFG equilibria and, in case this condition is not fulfilled, quantify how inefficient MFG equilibria are.

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Pierre Cardaliaguet, Catherine Rainer. 2018-02-19. On the (in)efficiency of MFG equilibria. https://arxiv.org/abs/1802.06637

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