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Fiat Money Oligopolistic Economy With Labor/Leisure Trade-Off and Equilibrium Default

Levando, Dmitry - 2019

We are constructing an imperfect competition general equilibrium model, with non-consumable money and labor market; our … occurring at all three markets: labor, goods, and credit market, with a fixed money supply from a bank.A worker and an … equilibrium result, when a total value of default is bigger than total money supply …

Persistent link: https://www.econbiz.de/10012895423

Bertrand-Edgeworth Equilibria in Finite Exchange Economies

Germano, Fabrizio - 2003

We introduce a framework for analyzing Bertrand-Edgeworth equilibria in finite Arrow-Debreu exchange economies. A key feature is the way trade takes place. There are two main stages. In the first stage agents simultaneously choose prices and quantities of commodities they want to sell; in the...

Persistent link: https://www.econbiz.de/10014078305

Stochastic stability in finite extensive-form games of perfect information

Xu, Zibo - 2013

We consider a basic stochastic evolutionary model with rare mutation and a best-reply (or better-reply) selection mechanism. Following Young's papers, we call a state stochastically stable if its long-term relative frequency of occurrence is bounded away from zero as the mutation rate decreases...

Persistent link: https://www.econbiz.de/10009727120

Optimality, Equilibrium, and Curb Sets in Decision Problems Without Commitment

Herings, P. Jean-Jacques - 2016

The paper considers a class of decision problems with in_nite time horizon that contains Markov decision problems as an important special case. Our interest concerns the case where the decision maker cannot commit himself to his future action choices. We model the decision maker as consisting of...

Persistent link: https://www.econbiz.de/10012990980

Chapter 13. Local Interactions

zgr, Onur - In: Handbook of social economics : volume 1, (pp. 587-644). 2011

Local interactions refer to social and economic phenomena where individuals' choices are influenced by the choices of others who are close to them socially or geographically. This represents a fairly accurate picture of human experience. Furthermore, since local interactions imply particular...

Persistent link: https://www.econbiz.de/10014025690

Monotone Imitation Dynamics in Large Populations

Fudenberg, Drew - 2007

We analyze a class of imitation dynamics with mutations for games with any finite number of actions, and give conditions for the selection of a unique equilibrium as the mutation rate becomes small and the population becomes large. Our results cover the multiple-action extensions of the...

Persistent link: https://www.econbiz.de/10012728635

Best-response dynamics, playing sequences, and convergence to equilibrium in random games

Heinrich, Torsten; Jang, Yoojin; Mungo, Luca; Pangallo, … - 2021

We show that the playing sequence-the order in which players update their actions-is a crucial determinant of whether the best-response dynamic converges to a Nash equilibrium. Specifically, we analyze the probability that the best-response dynamic converges to a pure Nash equilibrium in random...

Persistent link: https://www.econbiz.de/10012423273

Statistical Rationality and Equilibrium : A Theory of Statistical Games

Liu, Andy Luchuan - 2015

Through building the statistical structure of game theory, this paper develops a paradigm of rationality and equilibrium to model collective and interactive behaviors for various economic ecologies from a perfect organizing corporation to a complete freedom population such as an anarchy. In...

Persistent link: https://www.econbiz.de/10013015892

Splitting games : Nash equilibrium and the optimisation problem

Martins, Ana Paula - 2010

This research states the stylised n (more than two) players' splitting problem as a mathematical programme, relying on definitions of the values of the game and problem stationarity to generate tractable reduced forms, and derives the known solutions according to the properties of pertaining...

Persistent link: https://www.econbiz.de/10011524731

Perfection and stability of stationary points with applications to noncooperative games

Laan, Gerard van der; Talman, Dolf; Yang, Zaifu - 2002

It is well known that an upper semi-continuous compact- and convex-valued mapping fi from a nonempty compact and convex set X to the Euclidean space of which X is a subset has at least one stationary point, being a point in X at which the image fi(x) has a nonempty intersection with the normal...

Persistent link: https://www.econbiz.de/10011327822