Related papers: Computing Economic Equilibria by a Homotopy Method
Economic engineering is a new field wherein economic systems are modelled in the same manner as traditional mechanical and electrical engineering systems. In this paper, we use Newton's theory of motion as the basis for the theory of…
We propose a formulation of a general-sum bimatrix game as a bipartite directed graph with the objective of establishing a correspondence between the set of the relevant structures of the graph (in particular elementary cycles) and the set…
Recent advances have shown that the circuit simulation algorithms that allow for solving highly nonlinear circuits of over one billion variables can be applicable to power system simulation and optimization problems through the use of an…
Equilibrium states are natural dynamical analogues of Gibbs states in thermodynamic formalism. This paper investigates their computability within the framework of Computable Analysis. We show that the unique equilibrium state for a…
We construct a theoretical model for equilibrium distribution of workers across sectors with different labor productivity, assuming that a sector can accommodate a limited number of workers which depends only on its productivity. A general…
Adam Smith's inquiry into the emergence and stability of the self-organization of the division of labor in commodity production and exchange is considered using statistical equilibrium methods from statistical physics. We develop a…
We propose new results for the existence and uniqueness of a general nonparametric and nonseparable competitive equilibrium with substitutes. These results ensure the invertibility of a general competitive system. The existing literature…
Various formulations of counterfactual general equilibrium in economies -- systems of actors manipulating economic goods -- are logically and mathematically analyzed. Evenly-rotating economies are systems whose evolution is stable, steady,…
We propose a simple semi-discrete spatial model where rents, wages and the density of population in a city can be deduced from free-mobility and equilibrium conditions on the labour and residential housing markets. We prove existence and…
Homotopy limits and colimits are homotopical replacements for the usual limits and colimits of category theory, which can be approached either using classical explicit constructions or the modern abstract machinery of derived functors. Our…
There are only a very few known relations in statistical dynamics that are valid for systems driven arbitrarily far-from-equilibrium. One of these is the fluctuation theorem, which places conditions on the entropy production probability…
In this article, we apply Homotopy Perturbation Method (HPM) for solving three coupled non-linear equations which play an important role in biosystems. To illustrate the capability and reliability of this method. Numerical example is given…
The following notes contain a computer simulation concerning effective competition in an evolutionary environment. The scope is to underline the existence of a side effect pertaining to the competitive processes: the tendency toward an…
A well-known feature of overlapping generations economies is that the First Welfare Theorem fails and equilibrium may be inefficient. The Cass (1972) criterion furnishes a necessary and sufficient condition for efficiency, but it does not…
This paper investigates the efficiency loss in social cost caused by strategic bidding behavior of individual participants in a supply-demand balancing market, and proposes a mechanism to fully recover equilibrium social optimum via…
The total entropy production fluctuations are studied in some exactly solvable models. For these systems, the detailed fluctuation theorem holds even in the transient state, provided initially the system is prepared in thermal equilibrium.…
We introduce a new approach for computing optimal equilibria via learning in games. It applies to extensive-form settings with any number of players, including mechanism design, information design, and solution concepts such as correlated,…
The efficient market hypothesis (EMH) famously stated that prices fully reflect the information available to traders. This critically depends on the transfer of information into prices through trading strategies. Traders optimise their…
A game-theoretic model of scrip (artificial currency) systems is analyzed. It is shown that relative entropy can be used to characterize the distribution of agent wealth when all agents use threshold strategies---that is, they volunteer to…
Whether a population of decision-making individuals will reach a state of satisfactory decisions is a fundamental problem in studying collective behaviors. In the framework of evolutionary game theory and by means of potential functions,…