In both cases, a convergence toward the equilibria
It is therefore of immediate interest to evaluate location equilibria
under risk aversion and consider whether these explain the data better than the risk-neutral equilibrium or approximate equilibrium predictions.
There exist two distinct equilibria
where the quantity played by the domestic firm signals costs: 1) when, [Mathematical Expression Omitted] the low-cost firm plays [Mathematical Expression Omitted], the high-cost firm [Mathematical Expression Omitted], 2) when [Mathematical Expression Omitted], the low-cost firm plays [Mathematical Expression Omitted], the high-cost firm [Mathematical Expression Omitted].
For these reasons, we shall only describe the stable equilibria
in section IV.
Recursive Competitive Equilibria
and Capital Asset Pricing: Essays in Financial Economics.
The proof uses dominance arguments (drawing on Osborne and Pitchik 1987) to limit a firm's pricing support in any equilibrium to a single point, thus ruling out mixed strategy equilibria
For the MWS and Wilson equilibria
, we can simultaneously find a [[lambda].
Regardless of the number of equilibria
in the interior first quadrant, [E.
we propose in Proposition 2 satisfies the D1 refinement, and it is the only equilibrium that does so.
The new volume is part of the acclaimed series, Phase Equilibria
Diagrams (known formerly as Phase Diagrams for Ceramists) produced jointly by NIST and ACerS.
These stylized facts refute only the simplest way of modeling multiple equilibria
and even then only under fairly specific conditions.
19 Chemical Equilibria
Between Gaseous and Condensed Phases I.