In this paper, we propose a refinement of the subgame perfect equilibrium concept for infinitely repeated games, selection-consistent perfect equilibrium. This concept reflects the idea that players may not expect future bargaining power to be correlated with bygone actions. The equilibrium payoff set is generated by equilibria with a simple recursive structure. When discounting tends to zero, ...

The enlargement of the general-equilibrium structure to allow default subject to penalties results in a construction of a simple mechanism for selecting a unique competitive equilibrium. We consider economies for which a common credit money can be applied to uniquely select any competitive equilibrium with suitable default penalties. We identify two classes of such economies.

Magnetohydrodynamic (MHD) equilibrium states with imposed axisymmetric boundary are computed in which a spontaneous bifurcation develops to produce an internal three-dimensional (3D) configuration with a helical structure in addition to the standard axisymmetric system. Equilibrium states with similar MHD energy levels are shown to develop very different geometric structures. The helical equili...

We study the structure of the set of equilibrium payoffs in finite games, both for Nash equilibrium and correlated equilibrium. A nonempty subset of R is shown to be the set of Nash equilibrium payoffs of a bimatrix game if and only if it is a finite union of rectangles. Furthermore, we show that for any nonempty finite union of rectangles U and any polytope P ⊂ R containing U , there exists a ...

This paper studies discounted stochastic games with perfect or imperfect public monitoring and the opportunity to conduct voluntary monetary transfers. We show that for all discount factors every public perfect equilibrium payoff can be implemented with a simple class of equilibria that have a stationary structure on the equilibrium path and optimal penal codes with a stick and carrot structure...

This paper presents a long run analysis of industry behavior allowing for entry and exit, and cost heterogeneity among firms. Treating the number of firms as endogenous provides linkages between firms’ conduct (reflecting the exercise of market power) and market structure. In steady state equilibrium, the implications of cost structure for market equilibrium price, firms’ conduct and industry c...

Although multi-hop routing can reduce communication consumption and extend network scale, energy hole is unavoidable to appear because of the relay nodes being overloaded due to take more tasks. In this paper, we formulate the energy equilibrium problem as an optimal corona division, where data fusion and data slice are both considered in data gathering process. For a circular multi-hop sensor ...

In this paper, we consider a pricing decision problem with two competing supply chains which distribute differentiated but competing products in the same market. Each chain can be vertically integrated or decentralized based on the choice of the manufacturer. The manufacturing costs, sales costs and consumer demands are characterized as uncertain variables, whose distributions are estimated by ...

Unsubstituted silanethione, H(2)Si=S, has been characterized experimentally for the first time by means of rotational spectroscopy; the equilibrium structure of this fundamental molecule has been evaluated through a combination of experimental data from a total of ten isotopologues and results of high-level coupled-cluster calculations.

Quantum time correlation functions obtained from the linear response theory are defined in terms of a scalar product involving the Kubo transform. This form of the scalar product also insures that the nonequilibrium average of the random force fluctuations corresponding to an observable vanish so that the macroscopic law is obtained on long distance and time scales and the Onsager regression hy...