Strategic interaction in trend-driven dynamics

We propose a discrete-time stochastic dynamics for a system of many interacting agents. At each time step agents aim at maximizing their individual payoff, depending on their action, on the global trend of the system and on a random noise; frictions are also taken into account. The equilibrium of the resulting sequence of games gives rise to a stochastic evolution. In the limit of infinitely many agents, a law of large numbers is obtained; the limit dynamics consist in an implicit dynamical system, possibly multiple valued. For a special model, we determine the phase diagram for the long time behavior of these limit dynamics and we show the existence of a phase, where a locally stable fixed point coexists with a locally stable periodic orbit.