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 …

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 …

, 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 …

converge to the rational expectations equilibrium as multiple equilibria may persist, even when a fully rational, but costly …

We introduce the notion of a stone age equilibrium to study societies in which property rights are absent, bilateral … a stone age equilibrium. Every stone age equilibrium is weakly Pareto efficient. …

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 …