When the economy is not in a state of equilibrium, it is known as disequilibrium. Realistically, we are always in a state of disequilibrium that is trending towards a theoretical equilibrium. However, there may be certain situations where disequilibrium becomes more pronounced. For example,protection...
Definition:Equilibrium refers to the economic situation where supply and demand for a certain good or service in the market is equal, which represents a stable market price to purchase and sell. In other words, consumers are purchasing the same value of goods or services that suppliers are willi...
is determined by the interaction of supply and demand in amarket. The resulting price is referred to as theequilibrium price and represents an agreement between producers and consumers of the good. In equilibrium the quantity of a good supplied by producers equals the quantity demanded by ...
An Equilibrium Analysis of Search and Breach of Contract, I: Steady States We study the steady-state equilibrium of models where individuals meet pairwise in a costly stochastic search process and negotiate contracts to product ou... PA Diamond,E Maskin - 《Bell Journal of Economics》 被引量:...
Similarly moving from left to right in the blue area, the amount of producer surplus diminishes as the gap between market price and supply curve narrows to the equilibrium point. This graph illustrates a principle of classical economics known as the law of diminishing marginal utility: Consumers ...
JEL No. F41 The small open economy model with incomplete asset markets features a steady state that depends on initial conditions and equilibrium dynamics that possess a random walk component. A number of modifications to the standard mo... S Schmittgrohé,M Uribe,S Schmittgrohé,... 被引量:...
EconomicsEquilibriumUniqueness of equilibriumAccording to economics, prices are determined by the relationship between supply and demand: they correspond to the equilibrium in which supply is exactly equal to the demand, i.e., for which the optimal amount that the seller is willing to sell at this...
The purpose of this note is to give a new existence theorem of equilibrium in compact generalized games with uncountable number of agents. Won,Kyu,Kim - 《Economics Letters》 被引量: 6发表: 1992年 加载更多来源期刊 j.math.econom 1974 研究点推荐 Exchange equilibrium ...
A market in equilibrium demonstrates three characteristics: the behavior of agents is consistent, there are no incentives for agents to change behavior, and a dynamic process governs equilibrium outcomes. There are several types of equilibrium used in economics. Disequilibrium is the opposite of equilib...
Intertemporal Equilibrium and the Austrian School In theAustrian school of economics, intertemporal equilibrium refers to the belief that at any one time, the economy is in disequilibrium, and only when examining the economy over the long term does it reach equilibrium. Austrian economists, who striv...