This entry in The New Palgrave Dictionary of Economics, Second Edition, provides a brief overview of equilibrium existence results for continuous and discontinuous non-cooperative games. JEL Classi…cation Number: C7

In the mid sixties, Feldman (1966) reported on experiments on feedback control processes that stabilize the human arm. In a typical test, the elbow flexors (or extensors) would be loaded and the subject was asked to maintain a predetermined elbow angle. After a sudden decrease of the load, the forearm would settle at a new position. The experiments were repeated for the same initial elbow posit...

MODELING OF EQUILIBRIUM POINT TRAJECTORY CONTROL IN HUMAN ARM MOVEMENTS by Kai Chen The underlying concept of the Equilibrium Point Hypothesis (EPH) is that the CNS provides a virtual trajectory of joint motion, representing spacing and timing, with actual movement dynamics being produced by interactions of limb inertia, muscle viscosity and speed/position feedback from muscle spindles. To coun...

The notion of studying internal control variables instead of externally observable parameters is certainly attractive. It is what motivates neurophysiologists to stick their electrodes into various parts of the nervous system. The problem is knowing a control variable when you see one. Recorded neural activity reflects a mixture of outputs representing some kind of control to various lower cent...

T he term evenly rotating economy (ERE) was introduced by Ludwig von Mises in order to distinguish the concept of static equilibrium used by economists from equilibrium models used by students of physical systems. In Mises' view, the mathematical model of physical science had been unwisely extended to economics by writers who had failed to recognize the essential difference between the subject ...

Statistical equilibrium is a short-run, temporary equilibrium model of market exchange which replaces the Walrasian picture of the market in equilibrium as a budget hyperplane defined by equilibrium relative prices with a scalar field of transactions probabilities. Statistical equilibrium synthesizes the classical notion of competition as a market with a large number of traders with the idea of...

We study the extent to which equilibrium payoffs of discounted repeated games can be obtained by 1 – memory strategies. We establish the following in games with perfect (rich) action spaces: First, when the players are sufficiently patient, the subgame perfect Folk Theorem holds with 1 – memory. Second, for arbitrary level of discounting, all strictly enforceable subgame perfect equilibrium pay...

We study a class of heterogeneous agent-based models which are based on a basic set of principles, and the most fundamental operations of an economic system: trade and product transformations. A basic guiding principle is scale invariance, which means that the dynamics of the economy should not depend on the units used to measure the different products. We develop the idea of a “near-equilibriu...

This review provides a common framework for researchers thinking about the next generation of micro-founded macro models of growth, inequality, and financial deepening, as well as direction for policy makers targeting microfinance programs to alleviate poverty. Topics include treatment of financial structure general equilibrium models: testing for as-if-complete markets or other financial under...