Mean Field Games in Singular Controls, Nash Equilibrium vs. Pareto Optimality.

Mean Field Game (MFG) theory has been thriving over the past decade. In this talk, we will focus on the ``aggregation issue'' in MFGs, and aim to understand how aggregations in MFG formulation change the nature of the... [ view full abstract ]

Mean Field Game (MFG) theory has been thriving over the past decade. In this talk, we will focus on the ``aggregation issue'' in MFGs, and aim to understand how aggregations in MFG formulation change the nature of the solution for stochastic games. We will illustrate through several examples including the classical fuel follower problems and irreversible investment problems. We will compare N-player stochastic games vs MFGs, and Nash Equilibrium (NE) vs Pareto Optimality (PO).