endowments among the agents in the economy. In this paper we provide an analytical description of Fisher's apparatus, and report the results of simulating the mechanical/hydraulic "machine," illustrating the ability of the apparatus to "compute" equilibrium prices and also to find multiple ...
FInd an equilibrium point in pure strategies for the two-person zero-sum game in the table below. Explain why at the equilibrium point, no one wants to deviate (so that it is a Nash equilibrium). (a) Suppose A = 60, MPC = 0.8, t = 0.25, G = 80, TR = 50, I = 150...
In a given market, how are the equilibrium price and the market-clearing price related? A、There is no relationship. B、They are the same price. C、The market-clearing price exceeds the equilibrium price. D、The equilibrium price exceeds the market-clearing price. 点击查看答案 你可能感兴趣的...
To find the Nash equilibrium in a game, one would have to model out each of the possible scenarios to determine the results and then choose what the optimal strategy would be. In a two-person game, this would take into consideration the possible strategies that both players could choose. If...
Equilibrium represents the ideal balance between buyers' benefits and producers' costs. It is supposed to result in the optimal level of production. However, the equilibrium level is flawed when there are significant externalities, which create incentives that drive individual actors to make d...
For strictly individually rational payoff vectors, these rates improve to 0 (i.e., all strictly individually rational payoff vectors are exactly achieved as equilibrium payoffs forδhigh enough) and(1δ)1/2, respectively. 关键词: Repeated games Rates of convergence DOI: 10.1016/j.jet.2016.05....
the other went up. As one woman fainted, the partner remained suspended. The woman, who fainted in the play, died of mechanical asphyxia while her partner suffered respiratory failure and was in a coma. A male observer was present but did not manage to stop the state of equilibrium. He ...
To find the market quantity Q*, simply plug the equilibrium price back into either the supply or demand equation. Note that it doesn't matter which one you use since the whole point is that they have to give you the same quantity. ...
Equilibrium is a concept borrowed from physical sciences. This was done by economists who conceive of economic processes as analogous to physical phenomena such as velocity, friction, heat, or fluid pressure. When physical forces are balanced in a system, no further change occurs. ...
Microeconomic pricing models show how supply and demand intersect to find an equilibrium price. A microeconomic pricing model could be used to extrapolate demand and quantity at various price points, but it is more often used to show the basic market-clearing price for an individual good. Microeco...