equilibrium price level and allocations. Our model features trade in fiat money, real assets and a monetary authority which … individuals is zero, i.e., there is no outside money. When there is no default in equilibrium, there is indeterminacy. Positive … the equilibrium allocations while it allows the central bank to earn profits from seigniorage in order to compensate for …

correlated private signals may also cause sunspot-driven behavior, even though this is no equilibrium. The higher the correlation … the risk-dominant equilibrium …

divisible good. It is shown in an extremely simple manner that the market has a Walrasian equilibrium if and only if an … shown that the equilibrium prices of the goods and the profits of the agents are the optimal solutions of the linear program …

correlated private signals may also cause sunspot-driven behavior, even though this is no equilibrium. The higher the correlation … the risk-dominant equilibrium. -- coordination games ; strategic uncertainty ; sunspot equilibria ; irrelevant information …

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 …

equilibria. Imagine a social planner whose scope is to find an optimal equilibrium, i.e. one in which the number of nodes playing … 1 is minimal. To find such an equilibrium is a very hard task for any non-trivial network architecture. We propose an … implementable mechanism that, in the limit of infinite time, reaches an optimal equilibrium, even if this equilibrium and even the …

equilibrium model and rely on arguments from convex analysis. This methodology does not only give rise to a convergent iterative …

shocks. We focus on general equilibrium duopoly as a strategic market game with infinite strategies, and a pricing mechanism …-spot equilibrium, and noise trade …

shocks. We focus on general equilibrium duopoly as a strategic market game with infinite strategies, and a pricing mechanism …-spot equilibrium, and noise trade …