create an actual selective advantage for a second mutant. Such stepping stone paths out of equilibrium generally exist both … equilibrium exist, they could still be rare compared to the size of the strategy space. Simulations however suggest that they are … equilibrium to equilibrium through a series of indirect invasions. Instability does not mean we cannot draw qualitative …

experiment more in low payoff states. A clear-cut equilibrium selection result is obtained: the payoff dominant equilibrium … emerges as the unique long run equilibrium. Furthermore, the expected waiting time until the payoff dominant equilibrium is …

, Slutsky's equations are derived. The different speeds of equilibrium adjustment in economic and climate models is reconciled … in the Recursive Equilibrium with Environmental Damages (REED). An exchange economy and Robinson Crusoe economy …

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 between firm entry and exit in disequilibrium. Introducing a new methodology we investigate whether this … 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 …

This paper conducts the first general equilibrium analysis of the role of entry, exit and profits in industry dynamics … function of creating disequilibrium and the conventional equilibrating role of moving the industry to a new equilibrium. Second …, to discriminate between three aspects of industry dynamics: the effect of entry and exit on market equilibrium, duration …

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 …