Twentieth century equilibrium modeling depicts an end state toward which an economy tends, whereas the invisible hand, as Adam Smith depicted it, suggests an economy continually progressing as an increased division of labor is produced by growing markets. Thus, there is an inherent tension between the concepts of an equilibrium outcome versus the invisible hand process. The paper discusses diff...

Using the representation introduced in [1], an artificial game in quantum strategy space is proposed and studied. Although it has well-known classical correspondence, which has classical mixture strategy Nash Equilibrium states, the equilibrium state of this quantum game is an entangled strategy (operator) state of the two players. By discovering such behavior, it partially shows the independen...

W develop a model for the competitive interactions in service industries where firms cater to multiple customer classes or market segments with the help of shared service facilities or processes so as to exploit pooling benefits. Different customer classes typically have distinct sensitivities to the price of service as well as the delays encountered. In such settings firms need to determine (i...

We consider a Rebelo (1991) type model of endogenous growth in which the environmental quality positively affects the rate of human capital accumulation and the environmental quality itself is positively affected by human capital accumulation and is negatively affected by physical capital accumulation. We analyse the effects of taxation on the steady state equilibrium growth rate in this model....

This paper suggests an alternative explanation for why resource-rich economies have lower growth rates: because they are likely to be living beyond their means. It is shown that overshooting the steady state's equilibrium consumption and investment can be optimal in a Ramsey growth model with natural resources. Therefore the economy will converge to its steady state from above, displaying negat...

For some of the EOS models the dimension of equilibrium problem can be reduced. Stability and difficulties in implementation are among the problems of flash calculation. In this work, a new reduction technique is presented to prepare a reduced number of equilibrium equations. Afterwards, a number of appropriate solution variables are selected for the prepared equation system to solve the equati...

We analyse a single sector economy with H > 1 infinitely-lived agents that operate in a continuous-time framework. Utility functions are recursive but not additive. Both efficient and perfect foresight competitive equilibrium allocations are considered. The existence and stability of such allocations are investigated locally, i.e., in a neighbourhood of steady-state allocations. The model is sh...

The use of the power and energy functional in the analysis of the electric circuits makes it possible to appreciate the energetic equilibrium state attained in the circuit at a certain moment. This paper is concerned with a demonstration of the principle of minimum dissipated active power for the steady state circuits under nonsinusoidal conditions. It is shown that the equilibrium state is one...

This paper studies the influence of the agents’ information states on the negotiation equilibrium. This analysis is undertaken by examining a range of negotiation scenarios in which the amount of information that agents have about their opponent’s parameters is systematically varied. For each such scenario, we show that a unique equilibrium exists and we investigate how the information states o...

The problem of routing traffic through a congested network is studied. The framework is that introduced by Koutsoupias and Papadimitriou where the network is constituted by m parallel links, each having a finite capacity, and there are n selfish (noncooperative) agents wishing to route their traffic through one of these links: thus the problem sets naturally in the context of noncooperative gam...