| Abstract: |
| In this paper we provide a rigorous justification of the mean field games models of exhaustible commodities production by solving the N-player game convergence problem. The model is based on recent works by Chan and Sircar as well as by Gueant, Lasry, and Lions. We show (i) the existence and uniqueness of Nash equilibria for the N-player game, (ii) the existence and uniqueness of solutions to the mean field game, and (iii) that the mean field equilibrium is an "epsilon-equilibrium" to the N-player game. |
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