This monograph is a treatise on adjustment processes. We consider price adjustment processes in exchange economies and strategy adjustment processes in noncooperative games. In the most simple version of an exchange economy, i.e. a pure exchange economy, there exist markets on which prices are deter...

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Bibliographische Detailangaben

1. Verfasser:	Elzen, Antoon van den (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Berlin, Heidelberg Springer Berlin Heidelberg 1993
Ausgabe:	1st ed. 1993
Schriftenreihe:	Lecture Notes in Economics and Mathematical Systems 402
Schlagworte:	Economic Theory/Quantitative Economics/Mathematical Methods International Economics Economic theory International economics Nash-Gleichgewicht Systemtheorie Ökonometrie Anpassung Marktgleichgewicht Nichtkooperatives Spiel
Online-Zugang:	BTU01 Volltext
Zusammenfassung:	This monograph is a treatise on adjustment processes. We consider price adjustment processes in exchange economies and strategy adjustment processes in noncooperative games. In the most simple version of an exchange economy, i.e. a pure exchange economy, there exist markets on which prices are determined by the demand and supply created by a finite number of consumers willing to exchange their initial endowments in order to maximize their utilities. An equilibrium situation is attained if, for some price vector, demand equals supply in all markets. Starting from a situation not being an equi­ librium an adjustment process reaches an equilibrium via adaptations of prices. The advantage of the adjustment processes we will present in this monograph is that they exist and converge under far weaker assumptions than existing processes. The second subject concerns the problem of finding Nash equilibria in noncooperative games. A Nash equilibrium is a situation from which no player can improve his position by unilaterally changing his strategy. We present a new algorithm for finding such equilibria. The sequence of stra­ tegy vectors generated by the algorithm can be interpreted as the path followed by a strategy adjustment process
Beschreibung:	1 Online-Ressource (VII, 146 p)
ISBN:	9783642481338
DOI:	10.1007/978-3-642-48133-8