The Nash equilibrium solution concept for games is based on the assumption of expected utility maximization. Reference … two types of loss-aversion equilibrium, a solution concept endogenizing reference points. The two types reflect different … types of updating of reference points during the game. In equilibrium, reference points emerge as expressions of …

Evolutionary arguments are often used to justify the fundamental behavioral postulates of competive equilibrium … these claims in an evolutionary general equilibrium model. If the economic environment were held constant, profitable firms … would grow and unprofitable firms would shrink. In the general equilibrium model, prices change as factor demands and output …

as large as the collection of competitive equilibrium allocations. We confirm this for a standard model featuring land … assumed by a government that ploughs back rent (at least in excess of its agricultural value) to its citizens, the equilibrium …

We develop a definition of equilibrium for agenda formation in general voting settings. The definition is independent … of any protocol. We show that the set of equilibrium outcomes for any Pareto efficient voting rule is uniquely determined … elimination (or amendment), the set of equilibrium outcomes corresponds with the Banks set. We also examine the implications in …

concentration. Like water in chemistry, this utility is a universal solvent in economics in which all other forms of wealth dissolve …, business entity, association etc., tries to attain equilibrium between these two components of wealth. True equilibrium is a … rare phenomenon. As one approaches the true equilibrium state one gets more active economically. Deficit budgetting helps a …