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multiple equilibria

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Journal Article
History of Political Economy (2015) 47 (suppl_1): 253–266.
Published: 01 December 2015
... as the analytic technology changed to allow an exploration of Walrasian general equilibrium analysis with a unique equilibrium and simple dynamics. That analytic technology is changing, and new analytic technologies are allowing economists to explore multiple equilibria, complex dynamic general models, in which...
Journal Article
History of Political Economy (1979) 11 (4): 477–500.
Published: 01 November 1979
... of multiple equilibria.” They go on to say: “The new sections make no contribution to that matter, except in the case of unitary demand elasticity, but Mill had already recognized that the problem arose when the demand was inelastic” (1909, 9 6, p. 597 Further: “His...
Journal Article
History of Political Economy (1979) 11 (4): 500–504.
Published: 01 November 1979
... the meaning of the problem of multiple equilibria. Mill was clearly concerned about the possibility of what is now commonly referred to as multiple intersections of offer curves. He sought a “complete theory” that would rule out this pos- sibility, and we are hard-pressed to see how, when Mill...
Journal Article
History of Political Economy (2003) 35 (1): 168–170.
Published: 01 March 2003
... framework. But leading “neoclassical” economists now work on growth mod- els that can produce multiple equilibria, especially where there are increasing re- turns; or on the theory of games, where multiple equilibria are general, asymmetric pricing, which is incompatible with Arrow-Debreu; and on many...
Journal Article
History of Political Economy (2003) 35 (1): 166–168.
Published: 01 March 2003
... Reviews Neoclassical economics used to be concerned with static resource allocation, marginal trade-offs, and far-sighted rationality in the context of a general equilib- rium framework. But leading “neoclassical” economists now work on growth mod- els that can produce multiple equilibria...
Journal Article
History of Political Economy (2008) 40 (3): 551–560.
Published: 01 September 2008
..., Keynes assumed that there were multiple equilibria, including equilibria at levels of income other than the full-employment level. Therefore, according to this theory, being at an equilibrium level of income does not necessarily mean the economy is at full employment. In the General Theory model...
Journal Article
History of Political Economy (1979) 11 (4): 459–476.
Published: 01 November 1979
... by the intersections of [offer] curves,” i.e., the multiple equilibria. Edgeworth @. 611) essentially repeated this comment: “Mill has done nothing in his later sec- tions to remove that sort of indeterminateness which does occur in the actual case of plural, though definite, positions of equilibrium 466...
Journal Article
History of Political Economy (2018) 50 (3): 425–481.
Published: 01 September 2018
... 2018 sunspots multiple equilibria context units indeterminacy macroeconomic models We are grateful to Costas Azariadis, Jess Benhabib, Roger Farmer, Jean-Michel Grandmond, Karl Shell, and Michael Woodford for their oral testimonies and help, to Robert Lucas for letting us use his...
Journal Article
History of Political Economy (2005) 37 (2): 227–232.
Published: 01 June 2005
...- force rational expectations by focusing on convergence to this equilib- rium through boundedly rational learning. He also tried to use bounded rationality to deal with some of the problems associated with rational expectations—such as multiple equilibria and the computation of equi- libria (Sent...
Journal Article
History of Political Economy (1989) 21 (3): 561–563.
Published: 01 September 1989
... that: (A) While Edgeworth strongly suspected that the competitive equilibrium of his exchange system was unique, he had no actual proof; (B) He was acutely aware that Walras and Marshall had earlier given examples of multiple equilibria in each of their own systems; (C) Hence, he decided against any...
Journal Article
History of Political Economy (2000) 32 (3): 703–705.
Published: 01 September 2000
... to deal with it. Moreover, he seems to imply that multiple equilibria (which Hicks’s excess demand curve was expressly designed to elucidate) are a problem that Wicksteed’s approach cannot handle. Creedy’s main fire, however, is concentrated on Wicksteed’s claim regarding a fixed total supply...
Journal Article
History of Political Economy (1992) 24 (Supplement): 165–175.
Published: 01 December 1992
... independently of each other. I investigated all qualitatively differ- ent 2 X 2 bi-matrix games and tried to identify interesting subspecies. Many types of anomalies appeared, stemming mostly from the existence of multiple equilibria pairs yielding different payoffs. I thought we could get consensus...
Journal Article
History of Political Economy (2004) 36 (4): 735–760.
Published: 01 November 2004
... Economists of the Late Twentieth-Century ,edited by Warren J. Samuels. Cheltenham, U.K.: Edward Elgar. ____. 1998 . Psychology and Economics. Journal of Economic Literature 36.1 : 11 -46. Radner, Roy. 1980 . Collusive Behavior in Noncooperative Epsilon-Equilibria of Oligopolies with Long but Finite...
Journal Article
History of Political Economy (1998) 30 (3): 515–536.
Published: 01 September 1998
... and demand: Sometimes more than one price clears a market. The proposition of multiple equilibria is based on Thornton’s contrast between a Dutch and an English auction. In a Dutch auction the bidding for an item starts at a high price that is subsequently lowered; in the familiar English auction...
Journal Article
History of Political Economy (1989) 21 (4): 593–600.
Published: 01 November 1989
... be interpreted, in spite of Mill, as that of disequilibrium trade rather than that of multiple equilibria. Then the examples of horses and gloves should also be interpreted not so much to show the nonexist- ence of equilibrium as to show the possibility that goods are traded at disequilibrium...
Journal Article
History of Political Economy (1980) 12 (1): 97–123.
Published: 01 March 1980
... on the specific set of general expectations ruling in the economy. Each of the possible levels of employment corresponded to an equilibrium between aggregate supply (2) and aggregate demand (D), at the point of effective demand. Thus, if multiple equilibria were possible for the level of employment...
Journal Article
History of Political Economy (2015) 47 (3): 395–417.
Published: 01 September 2015
... to Solow's correspondence and unpublished papers are to items in the Solow Papers. Copyright 2015 by Duke University Press 2015 economic growth Robert Solow medium-run macroeconomics dynamics multiple equilibria References Backhouse R. E. 2014 . “MIT and the Other Cambridge...
Journal Article
History of Political Economy (2006) 38 (Suppl_1): 305–321.
Published: 01 December 2006
... such as how convergence to the rational expecta- tions equilibrium might happen, how an equilibrium might be selected out of a multiplicity of equilibria, and how the rational expectations equilibrium might be computed. The Nash program in game theory also encountered frictions besides the no-trade...
Journal Article
History of Political Economy (1995) 27 (2): 365–386.
Published: 01 June 1995
... equilibria (xxiii). This was unfortunate, because the error was their own. True, if the individual curves had the postulated shapes, they could inter- sect only once, but if they were backward bending they could intersect three or more times. Multiple equilibria, as Marshall had pointed out, could...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 241–262.
Published: 01 December 2009
...- tance, together with internal change, can play an important role in boost- ing an economy from the hold of the trap” (904). Poverty traps (multiple equilibria) represent self-reinforcing ineffi cient steady-state equilibria at low levels of per capita income and can arise from a variety...