resistant to patches of additive outliers. The data span two samples of 5 years ranging from 1986 to 1995. Using asymptotic … arguments and Monte Carlo simulations, in which we evaluate our empirical method, we show that patches of outliers can have …

first show that two well known refinements of the Nash equilibrium, namely, perfect Nash equilibrium and proper Nash … equilibrium, are special cases of our robustness concept. Further, a third special case of robustness refines the concept of … properness and a robust Nash equilibrium is shown to exist for every game. In symmetric bimatrix games, our results imply the …

In a standard general equilibrium model it is assumed that there are no price restictions and that prices adjust … infinitely fast to their equilibrium values. In this paper the set of admissible prices is allowed to be an arbitrary convex set …. For such an arbitrary set it cannot be guaranteed that there exists a constrained equilibrium satisfying the usual …

interrelationship differs between market ‘undershooting’ (the actual number of firms is below the equilibrium number) and ‘overshooting …’ (vice versa). We find that equilibrium-restoring mechanisms are faster in over than in undershoots. The results imply that … in undershoots a lack of competition between incumbent firms contributes to restoration of equilibrium (creating room for …

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. …