We study the Markov equilibria of a model of free riding in which  infinitely lived agents choose between private consumption and contributions to a durable public good. We consider economies with reversibility, where investments can be positive or negative; and economies with irreversibility, where investments are non-negative and the public good can only be reduced by depreciation. With reve...

We study the Markov equilibria of a model of free riding in which n infinitely lived agents choose between private consumption and irreversible contributions to a durable public good. We show that the set of equilibrium steady states converges to a unique point as depreciation converges to zero. For any level of depreciation, moreover, the steady state of the best Markov equilibrium converges t...

The problems which imply variational inequality over product sets have many applications. Thus, the Nash equilibrium problem for differentiable functions, various equilibrium-type problems, as traffic equilibrium, spatial equilibrium and general equilibrium programming problems from economics, game theory, operations research, mathematical physics, for example, can be modelled as variational in...

This paper presents a non-equilibrium, agent-based model of workers and firms, with on-the-job searching, endogenous entrepreneurial decisions and endogenous wage and income determination. Workers and firms are heterogeneous, and learn their strategy in the labor market. The model is able to reproduce a number of stylized facts generally accepted in labor economics and industrial organization, ...

This note comments on Feuerstein’s (Feuerstein, Switgard, BCollusion in industrial economics: A survey,^ forthcoming in Journal of Industry, Competition and Trade, 2005) survey of collusion theory. I start by presenting evidence from a recent real-world collusion case: the lysine industry. Based on this, I point out a few areas where collusion theory can improve: (a) the problem of equilibrium ...

in this paper, two sets of sufficient conditions are obtained to ensure the existence and stability of a unique equilibrium point of unforced first-order fuzzy relational dynamical systems by using two different approaches which are both based on the fuzzy relational matrix of the model.in the first approach, the equilibrium point of the system is one of the centers of the related membership fu...

In this paper, I introduce the theorems in Professor Hukukane Nikaido’s work, “Coincidence and some systems of inequalities,” published in the Journal of Mathematical Society of Japan, 1959, and note the significance of his mathematical methods on the history and the future of mathematical economics. Nikaido (1959) may be considered a compilation of his works of the 1950’s on economic equilibri...

Background Equilibrium is a central concept in numerous disciplines including economics, management science/operations research, and engineering. Methodologies that have been applied to the formulation , qualitative analysis, and computation of equilibria have included • systems of equations, • optimization theory, • complementarity theory, and • fixed point theory. Variational inequality theor...