Mean Field Games and Social Inequality: From Infinite-Agent Systems to Economic Disparities

Abstract

Game theory, with its rigorous mathematical foundations laid by Von Neumann, Morgenstern, and Nash, has profoundly influenced economics and beyond. Nash's groundbreaking concept of Nash equilibrium revolutionized the study of non-cooperative games, earning him a Nobel Prize in Economics. Over the decades, game theory has found applications in diverse fields, from finance to engineering and social sciences.

About twenty years ago, the theory of Mean Field Games (MFGs) emerged, pioneered independently by Lasry & Lions and Huang, Caines & Malhamé. This framework extends Nash equilibrium analysis to systems with an infinite number of interacting agents arising in differential games, offering powerful tools to study large-scale strategic interactions in stochastic environments. The theory has since spurred deep mathematical developments and applications in economics, control theory, and beyond.

In this talk, Dr Mauro Bambi (Economics) and Dr Alpár Mészáros  will introduce a few key aspects of MFGs and explore their relevance to some economic models of social inequality.  They will discuss how MFG-based approaches could provide insights into wealth distribution, economic mobility, and systemic disparities — central themes of their ongoing major research project at IAS.

Places are limited and so any academic colleagues or students interested in attending in person should register. Registration form here.