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efficient equilibrium, but the less efficient equilibrium features overreactions, and welfare may then get lower than in the no … in equilibrium as a result …
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For a quarter century, a top priority in transportation economic theory has been to develop models of rush-hour traffic dynamics that incorporate traffic jams (hypercongestion). The difficulty has been that "proper" models result in mathematical intractabilty, while none of the proposed...
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investigates this specific tradeoff and identifies an allocation rule that is individually rational, equilibrium selecting, and … domain, the identified rule is the equilibrium selecting rule that transfers the maximum number of ownerships from the public …
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Any function from a non-empty polytope into itself that is locally gross direction preserving is shown to have the fixed point property. Brouwer's fixed point theorem for continuous functions is a special case. We discuss the application of the result in the area of non-cooperative game theory.
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