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The nature of equilibrium in macroeconomics: A critique of equilibrium search theory
Aoki, Masanao; Yoshikawa, Hiroshi - In: Economics: The Open-Access, Open-Assessment E-Journal 3 (2009) 2009-37, pp. 1-9
The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework … behavior of economic agents. We must seek a new concept of equilibrium different from the standard Walrasian equilibrium in …
Persistent link: https://www.econbiz.de/10010299171
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Market failures as premises of granting state aid
Bartniczak, Bartosz - In: Economic and Environmental Studies (E&ES) 17 (2017) 3, pp. 475-489
Economists from centuries have been leading discussions on the role of state in economy. Some of them are in favour of state's wide interference in economy while others seek to limit the role of the government. One of the arguments for the necessity of state interventionism in the market...
Persistent link: https://www.econbiz.de/10011849495
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Representations of political power structures by strategically stable game forms: A survey
Peleg, Bezalel; Holzman, Ron - In: Games 8 (2017) 4, pp. 1-17
equilibrium strategies for each profile of preferences of the players. The survey is restricted to discrete models, that is, we … representations for three kinds of equilibrium: Nash equilibrium; acceptable equilibrium (Pareto optimal Nash equilibrium); and strong … Nash equilibrium. We conclude in Section 5 with a report on two recent works on representations of constitutions under …
Persistent link: https://www.econbiz.de/10011852712
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Successive duopoly under moral hazard: Will incentive contracts persist?
Fernández Olmos, Marta; Rosell Martínez, Jorge; … - In: Journal of Industrial Engineering and Management (JIEM) 2 (2009) 1, pp. 208-229
The central purpose of this paper is to examine the incentive contract as an equilibrium phenomenon. We analyse a model … the equilibrium of a game in which the processors simultaneously decide whether to offer an incentive contract or to … contract constitutes the unique equilibrium solution, which highlights the incentive contract persistence. …
Persistent link: https://www.econbiz.de/10011938909
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Recursive allocations and wealth distribution with multiple goods: Existence, survivorship, and dynamics
Colacito, R.; Croce, Mariano M.; Liu, Zhao - In: Quantitative Economics 10 (2019) 1, pp. 311-351
We characterize the equilibrium of a complete markets economy with multiple agents featuring a preference for the …
Persistent link: https://www.econbiz.de/10012215374
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An optimal quantity tax path in a dynamic setting
Nawaz, Nasreen - In: European Journal of Government and Economics (EJGE) 6 (2017) 2, pp. 191-225
, the buyer's price jumps to the pre-tax equilibrium price plus the amount of the tax, and the supply and the demand of the … taxed commodity then adjust over time to bring the new post-tax market equilibrium. The existing literature does not take …) during the dynamic adjustment process as well as the post-tax market equilibrium. …
Persistent link: https://www.econbiz.de/10012217993
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Agency equilibrium
Newton, Jonathan - In: Games 10 (2019) 1, pp. 1-15
Agency may be exercised by different entities (e.g., individuals, firms, households). A given individual can form part of multiple agents (e.g., he may belong to a firm and a household). The set of agents that act in a given situation might not be common knowledge. We adapt the standard model of...
Persistent link: https://www.econbiz.de/10012227759
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Equilibrium in misspecified Markov decision processes
Esponda, Ignacio; Pouzo, Demian - In: Theoretical Economics 16 (2021) 2, pp. 717-757
We provide an equilibrium framework for modeling the behavior of an agent who holds a simplified view of a dynamic … simplified) view of her environment and may not contain the true function. We define an equilibrium concept and provide …
Persistent link: https://www.econbiz.de/10013189047
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μ-σ games
Dulleck, Uwe; Löffler, Andreas - In: Games 12 (2021) 1, pp. 1-12
Risk aversion in game theory is usually modeled using expected utility, which was criticized early on, leading to an extensive literature on generalized expected utility. In this paper we are the first to apply μ-σ theory to the analysis of (static) games. μ-σ theory is widely...
Persistent link: https://www.econbiz.de/10013200068
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An optimal equilibrium for a reformulated Samuelson economic discrete time system
Barros, Maria Filomena; Ortega, Fernando - In: Journal of Economic Structures 8 (2019) 29, pp. 1-10
This paper studies the equilibrium of an extended case of the classical Samuelson's multiplier-accelerator model for … economy. We focus on the case that the equilibrium is not unique and provide a method to obtain the optimal equilibrium. …
Persistent link: https://www.econbiz.de/10013288262