Applied Mathematics and Optimization, Vol.77, No.1, 47-71, 2018
Existence and Uniqueness of Solutions for Bertrand and Cournot Mean Field Games
We study a system of partial differential equations used to describe Bertrand and Cournot competition among a continuum of producers of an exhaustible resource. By deriving new a priori estimates, we prove the existence of classical solutions under general assumptions on the data. Moreover, under an additional hypothesis we prove uniqueness.
Keywords:Mean field games;Hamilton-Jacobi;Fokker-Planck;Coupled systems;Optimal control;Nonlinear partial differential equations