Models of economic equilibria
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In this chapter, we present a game-theoretic approach to economic models. The notation of optimal trajectories has, so far in this book, presupposed a certain optimality criterion. In many economic situations, it is not realistic to assume a single optimality criterion. Each component of the economic system may have a distinct optimality criterion. Thus it is natural to utilize a game-theoretic approach in our analysis.
KeywordsNash Equilibrium Optimal Trajectory Competitive Equilibrium Economic Equilibrium Nash Equilibrium State
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