An approach to equilibrium selection
Article Abstract:
A research study considers equilibrium selection in symmetric and asymmetric games having a pair of strict Nash equilibria. The static games played by a series of unknown agents are embedded in a dynamic random matching framework. The players differ from those in the evolutionary process in they being rational and able to optimize discounted payoffs. However, the players can only make short-run commitments when selecting actions. A strict Nash equilibrium becomes uniquely absorbing if risk-dominance is achieved with the presence of minimal friction.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
Agricultural productivity, comparative advantage, and economic growth
Article Abstract:
An analysis of the impact of agricultural productivity on economic development is presented. The analysis applies a two-sector model of endogenous growth which assumes non-homothetic preferences and less than unitary income elasticity while limiting manufacturing growth to learning-by-doing constraints. It is shown that a positive link may be established between productivity and growth in a closed economy case.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
Growing through cycles in an infinitely lived agent economy
Article Abstract:
Research is presented describing the study of market growth and stability through different phases of investment and competition highlighting the importance of both on market development.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Second-order locally consistent equilibrium: an extension. Price rigidities, inflationary finance and long-run growth
- Abstracts: Common and country-specific fluctuations in productivity, investment, and the current account. Nonlinearities, cyclical behaviour and predictability in stock markets: international evidence
- Abstracts: A dynamic equilibrium model of search, bargaining and money. Cigarette money
- Abstracts: Analysis of divisional profitability using the residual income profile: a note on cash flows and rates of growth
- Abstracts: Markov perfect equilibrium. The core of large differentiable TU games. Bidding for the surplus: a non-cooperative approach to the Shapley value