trade-off. Basing on a general equilibrium model by T. Kehoe including production and taxes we provide a formal model of an … evolution equilibrium. It is based on arguments from the gradual vs. bang-bang tax reform controversy and from the debate on … optimal macroeconomic policy design. Existence of equilibrium is established extending an analytical result which in a …

existence and uniqueness of Markovian equilibrium are weIl known for the compact state space case, no similar sufficient … algorithm that will prove asymptotically consistent when computing Markovian equilibrium. …

We develop a general equilibrium production network model that spans two periods and incorporates heterogeneous … dynamic framework, we establish the existence and uniqueness of a competitive equilibrium and provide explicit analytical …

In a standard general equilibrium model it is assumed that there are no price restictionsand that prices adjust … infinitely fast to their equilibrium values. In this paper the set ofadmissible prices is allowed to be an arbitrary convex set …. For such an arbitrary set it cannotbe guaranteed that there exists a constrained equilibrium satisfying the usual …

This paper analyses two types of models: 1. Those based on assumptions of monetary and financial market equilibrium … dynamics of financial market as well as the role of uncertainty, interdependency and dynamic complexity. We present here Minsky …

well known refinements of the Nash equilibrium, namely, perfect Nash equilibrium and proper Nash equilibrium, are special … Nash equilibrium is shown to exist for every game. In symmetric bimatrix games, our results imply the existence of a … symmetric proper equilibrium. Applying our results to the field of evolutionary game theory yields a refinement of the …

/implications - For some values of a parameter there is a locally stable equilibrium which is the value that maximizes the profit function …. Increasing these values, the equilibrium becomes unstable, through period-doubling bifurcation. Originality/value - The result …