equilibrium path from the corresponding perfect-foresight autoregressive Markov jump state motion. As the exact expression of the … condition for the mean-square stability of the obtained rational expectations equilibrium is also provided. -- Rational …

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 …

trade-off. Basing on a general equilibrium model by T. Kehoe including production and taxes we provide a formal model of an … evolution equilibrium. It is based on arguments from the gradual vs. bang-bang tax reform controversy and from the debate on … optimal macroeconomic policy design. Existence of equilibrium is established extending an analytical result which in a …

We propose an equilibrium framework within which to price financial securities written on non- tradable underlyings … equilibrium result for derivative prices and characterize the equilibrium market price of risk in terms of a solution to a non …-linear BSDE. -- Backward stochastic differential equations ; dynamic risk measures ; partial equilibrium ; equilibrium pricing …

strategy is an asymptotically stable fixed point. We also show that every strict equilibrium is an evolutionarily stable state … and an evolutionarily stable equilibrium. Then, we employ several projections on a wider set of functions derived from the …