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Related to equilibria: Punctuated equilibria
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Support: The statement does not distinguish between stable and unstable equilibria.
They relate an example of sunspot equilibria in a simple overlapping generations model to otherwise properties of such models, such as the possibility of equilibria with valued fiat money, and to various properties of our models that allow sunspot equilibria.
They note, however, that the theoretical properties of mixed strategy equilibria of such games are only imprecisely known.
We restrict our analysis to pure strategy perfect Bayesian equilibria.
For [Mu] [Epsilon] [1/6, 1/3]) there are two location-price equilibria.
The primitive descriptions of preferences, technology and information that satisfy the assumptions of linear control theory are acknowledged inevitably as the philosophy of recursive competitive equilibria.
The withdrawal of BlackRock from the acquisition is a significant blow to the credibility of the transaction, Equilibria believes.
It is well known that when network effects are positive, there can be multiple equilibria as consumers can coordinate on one or the other firm.
1) has two equilibria namely A(0, 0, 0, 0) and B([x.
The Wilson and MWS equilibria are harder to describe.
There are potentially many equilibria in this signaling game, but RW use the refinement arguments of Banks and Sobel (1987) to eliminate all but a separating equilibrium.