For the evaporation of the pure liquid under the condition of constant temperature and constant external pressure, the phase equilibrium of the liquid vapor in the bubble and the liquid outside the bubble is always a kind of stable equilibrium whether there is air or not in the bubble. If there...

An economy exhibits structural heterogeneity when the forecasts of different agents have different effects on the determination of aggregate variables. We study the important case of economies in which agents' behavior depends on forecasts of aggregate variables and show how different forms of...

We provide sufficient conditions and necessary conditions for stability of an economy under structural mixed recursive least squares/stochastic gradient heterogeneous learning of agents with possibly different degrees of inertia. We have found a unifying condition which is sufficient for...

Welfare Economics is fortunate that there are two Fundamental Theorems of Welfare Economics. Positive Economics on the other hand is seemingly endowed with none. One of the fundamental results of Positive Economics is that a competitive equilibrium exists under fairly general conditions; this...

Consider a data communication network owned and operated by a single organization. The network has an infinite number of small users and is managed by a system manager (SM) whose objective is to maximize the net value of the system as a whole. The objective of this paper is to study pricing...

The stability of market economy is defined and stability conditions deduced which do not appear to restrict preferences in any significant manner. This assumes importance when considering economies where diversity among agents is known to exist. It is shown that if a condition on the rank of the...

Static stability of equilibrium in strategic games differs from dynamic stability in not being linked to any particular dynamical system. In other words, it does not make any assumptions about off-equilibrium behavior. Examples of static notions of stability include evolutionarily stable...

The equilibrium outcome of a strategic interaction between two or more people may depend on the weight they place on each other’s payoff. A positive, negative or zero weight represents altruism, spite or complete selfishness, respectively. Paradoxically, the real, material payoff in...

Solute crystallization equilibrium contains a stable equilibrium and an unstable equilibrium. The system must get across an energy peak of unstable equilibrium first, and then get into an energy valley of stable equilibrium during the solute crystallization. When solution is diluted, the energy...

We consider a supply function model of a poolco electricity market where demand varies significantly over a time horizon such as a day and also has a small responsiveness to price. Although there are equilibria yielding prices at peak that are close to Cournot prices, it is known that the wider...