Averaged predictions and the learning of equilibrium play

Article Abstract:

Strategies were developed to investigate noncooperative games characterized by externalities that take place through a single-dimensional variable. The strategies, which generalize several accepted methods, can be perceived as learning that occurs during repeated play. An essential aspect under consideration is that no player has to be completely aware of the structure of the game.

Analysis, Learning, Game theory, Teaching models

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Endogenous growth and the welfare costs of inflation: a reconsideration

Article Abstract:

A monetary endogenous growth model revealed the significant long-term effects of inflation on economic growth. The model showed that the welfare costs of moderate inflation are large, which ranges from one-half percent to five percent for a yearly 10% monetary growth. The importance of monetary policy on economic growth was also emphasized by the endogenous growth model.

Economic aspects, Inflation (Finance), Welfare economics, Money demand, Inflation (Economics)

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Public services, increasing returns, and equilibrium dynamics

Article Abstract:

Production functions do not always show returns to scale that are constant, as is shown in a model where public services act as a production input and utility source. Factors affecting equilibrium are also examined.

Production functions (Economics)

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