When trade takes place at disequilibrium prices decentralized market exchange redistributes income and economic welfare, and its equilibrium is path-dependent. The set of such equilibrium outcomes, however, in contrast to the Walrasian competitive equilibrium, is constructive and computable....
STREAM ECONOMICS]]>The aim of the study is to analyse the equilibrium concept in mainstream economic modelling. In rethinking the equilibrium concept, first we will criticise the thought that economic activities and relations can be explained by the "equilibrium" in the models which are build upon...
Discusses the notion of equilibrium in economics. Concept as metaphor, story design and tool; Specifications; Application of the conventional neoclassical research approach; Economic space and system; Response to an article on equilibrium by Mark Setterfield which appeared in the Fall 1997 issue of `...
A somewhat broader conception defines equilibrium as any state of rest which displays no endogenous tendencies to change over time. 1 There also exist a variety of model specific definitions of equilibrium. For example, in certain theories of the business cycle, equilibrium is characterized in terms...
(Farjoun and Machover, 1983): that the main economic quantities—such as the unit price of any type of commodity, and the rate of profit—at any time should be modelled not as determinate numerical magnitudes but as random variables; and that at equilibrium these quantities have characteristic ...
From what appears to have been the first use of the term in economics by James Steuart in 1769, down to the present day, equilibrium analysis (together with its derivative, disequilibrium analysis) has been the foundation upon which economic theory has been able to build up its not inconsidera...
representstheNashequilibrium.Nashequilibriumhelpsaplayerdeterminethebestpayoffinasituationbasedonnotonlytheirdecisionsbutalsothedecisionsofotherpartiesinvolved.Itcanalsobeusedinmanyaspectsoflife,fromeconomicstosocialbehavioralsciences,frombusinessstrategiestoahousesaleandsoon.Unlikedominantstrategy,Nashequilibriumdoesn'talways...
It is far from easy to establish whether an economy is in fundamental equilibrium or not; and it certainly cannot be done on the basis of its performance over one or two years. The judgement can be formed only after examining the relevant data covering at least one full cycle in order to...
Certain "suboptimal" choices pathways may include: Raising the transparency of diplomatic decisions and assessing the value of diplomatic goals objectively from a multidisciplinary perspective, maintaining an input- output equilibrium in each stage of cooperation, and sticking to the principle of stopping ...
P! Stability: A New Equilibrium Concept for n-Person Game Theory In n-person game theory it is assumed that payments are made in a numerical utility which is comparable and transferable between players, thus any payments... RD Luce 被引量: 0发表: 0年 Theory of Games and Economic Behavior...