multiple equilibria

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• Chemical equilibrium — In a chemical reaction, chemical equilibrium is the state in which the concentrations of the reactants and products have not yet changed with time. It occurs only in reversible reactions, and not in irreversible reactions. Usually, this state… …   Wikipedia

• General equilibrium — theory is a branch of theoretical microeconomics. It seeks to explain the behavior of supply, demand and prices in a whole economy with several or many markets. It is often assumed that agents are price takers and in that setting two common… …   Wikipedia

• Coordination failure (economics) — Models of coordination failure can have multiple equilibria. In this example a representative firm ei makes its output decisions based on the average output of other firms (e*). When the representative firm produces as much as the average firm… …   Wikipedia

• Christian Hellwig — Neoclassical economics Nationality German Institution Toulouse School of Economics Field Economic theory, Macroeconomics Alma mater …   Wikipedia

• Experimental economics — is a the application of experimental methods to study economic questions. Experiments are used to test the validity of economic theories and test bed new market mechanisms. Using cash motivated subjects, economic experiments create real world… …   Wikipedia

• Bargaining problem — The two person bargaining problem is a problem of understanding how two agents should cooperate when non cooperation leads to Pareto inefficient results. It is in essence an equilibrium selection problem; Many games have multiple equilibria with… …   Wikipedia

• El Farol Bar problem — El Farol in Santa Fe The El Farol bar problem is a problem in game theory. Based on a bar in Santa Fe, New Mexico, it was created in 1994 by W. Brian Arthur. The problem is as follows: There is a particular …   Wikipedia

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• Sonnenschein–Mantel–Debreu theorem — The Sonnenschein–Mantel–Debreu theorem (named after Gérard Debreu, Rolf Ricardo Mantel, and Hugo Freund Sonnenschein) is a result in general equilibrium economics. It states that the excess demand function for an economy is not restricted by the… …   Wikipedia

• Bargaining Problem — The two person bargaining problem is a problem of understanding how two agents should cooperate when non cooperation leads to Pareto inefficient results. It is in essence an equilibrium selection problem. Many games have multiple equilibria with… …   Wikipedia

• Overlapping generations model — For the topic in population genetics, see Overlapping generations. An overlapping generations model, abbreviated to OLG model, is a type of economic model in which agents live a finite length of time and live long enough to endure into at least… …   Wikipedia